President Obama's fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation's economic output by 2020, the Congressional Budget Office reported Thursday.In other news, drunken sailors call Obama's democrat spending "unfathomable".
The federal public debt, which was $6.3 trillion ($56,000 per household) when Mr. Obama entered office amid an economic crisis, totals $8.2 trillion ($72,000 per household) today,Obama and the Democrats have managed to add almost $2 trillion in debt in just ONE year.
At that pace, they will add $8 trillion, for a total debt of $14 trillion by the end of Obama's term.
How's that HOPE and CHANGE working out?
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