For general discussion and debate. Possible talking point: CBO says federal debt held by the public will rise to 90 percent of GDP by 2020!
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.
Bear in mind that this would be the highest such percentage since 1947! And, this DOESN'T include the paper in government accounts such as the Social Security trust fund. When you add that into the equation, debt to GDP is projected to reach 94 percent THIS FISCAL YEAR!
Of course, this is all George W. Bush's fault, right?
