This from the Family Research Council on the growing national debt.
While President Obama tries to clamp down on credit card companies for hiking the rates on consumers, the latest figures suggest that the administration is busily raising its fees on you and me. Under today’s deficit projections, which are up $89 billion from the White House’s original estimates, the government will have to borrow almost half–46 cents–of every dollar it spends this year. As a result, the U.S. debt, which clocked in this morning at an astronomical $11,272,897,541,856.93, is expected to grow even faster than experts predicted.
By the end of 2009, Americans will face a deficit that accounts for 12.9% of the GDP. And considering this administration’s aggressive agenda, this “credit card spending spree” shows no sign of stopping.