Rep. Paul Ryan (R.-Wis.), the ranking member of the House Budget Committee, told CNSNews.com that the new fiscal year 2011 budget proposed by President Barack Obama will “literally crash the U.S. economy” with the additional debt it plans for the federal government.
“They literally crash the U.S. economy, if these kinds of deficits that he’s proposing persist,” Ryan said, referring to the fact that the Congressional Budget Office has reported that the president's 2011 budget proposal would nearly triple the publicly held portion of the federal debt over the next ten years.
CNSNews.com interviewed Ryan Monday evening during a break in the Budget Committee’s consideration of a 2,400-page health-care “reconciliation” bill that the House Democratic leadership is crafting to make changes that Democratic House members want in the health-care bill that passed the Senate in December.
Ryan pointed out that the Government Accountability Office recently reported that the federal government already faces a “fiscal gap” of $76 trillion, meaning that over the next 75 years the cost of the benefits promised in federal entitlement programs exceeds the tax revenues expected to pay for those benefits by that amount. That works out to almost $250,000 for every single American and about $650,000 for every American household.
The new debt President Obama plans for the federal government to incur over the next decade would come on top of this existing $76 trillion "fiscal gap."
2 comments:
That's what obama wants, to crush this country. Too bad some of us are too stupid to see that. When obama and his muslim buddies knock on your door do you fools honestly thing he'll care if you supported him.
Does any of you know how much the national debt increased under BUSH. Do any of you know that when Clinton left office the budget had a surplus in it and do you know what Bush did when he came to office? Oh what did you do with the 200 or 400. Bush sent you? Dont know? Do you know how much that increased the deficit. Oh yes Clinton sinned against his wife and God. Why didnt you let his wife and God take care of his sins? talking about stupidity?
Post a Comment