This is absolutely astounding -  Obama warning us about the dangers that lie ahead from an unsustainable deficit as though he didn’t have a direct hand in creating it…

From the LA Times:

What I’d like to do is just shift off — pivot off your question to talk about this issue of debt and deficits one more time.  During a recession of this severity it is important, as I explained, for the government to step in and fill the hole in demand that was created by consumers and by businesses, to get the economy kick-started.

But the long-term deficit and debt that we have accumulated is unsustainable.  We can’t keep on just borrowing from China, or borrowing from other countries — (applause) — because part of it is, we have to pay for — we have to pay interest on that debt. And that means that we’re mortgaging our children’s future with more and more debt, but what’s also true is that at some point they’re just going to get tired of buying our debt.

And when that happens, we will really have to raise interest rates to be able to borrow, and that will raise interest rates for everybody — on your auto loan, on your mortgage, on — so it will have a dampening effect on the economy.

So we are going to have to deal with our long-term debt.  As I said before, the biggest thing that we can do on that front is to deal with entitlements.  We are going through the budget, line by line, page by page, rooting out waste and abuse. more……

This is a man who knows he has over half the country fully duped.

What he is doing here is preemptively addressing what conservatives, economists, and the CBO have been trying to tell everyone for the last several months, that the reckless Obama budget, in concert with the ‘stimulus’ package and the financial black hole of TARP spending, is on track to cause tremendous damage to our economy by ‘stimulating’ inflation, interest rates, and necessary, massive tax increases across the board.

Just a recap:

The deficit under George W Bush: 400 billion
The deficit under Obama – 1.85 trillion (that’s one thousand eight hundred fifty billion)(!)

Here’s a chart comparing past and projected federal budget deficits:

The Obama Deficit

It’s things like this that make one wonder if “Barack” is Kenyan for “large brass balls”….

Gateway Pundit has more

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-Cnation