be a 1.5 trillion dollars added to that 12 trillion dollar budget that we already have under our books right now, and then he said if you carry this budget 10 years out, in five years it doubles the debt, the public debt. then 10 years it triples. and i m saying, well if i add two and two, they make four that means we ll have an unsustainable economy that s why i m not really listening to the talking heads. they are giving me a rose scenario about where in economy in the united states is now. you use the term unsustainable. it s an adjective that i ve used a lot in the last year. how bad is it? do you think this country is
unprecedented amount. they say they are doing this to get us out of the last financial crisis. could they be bringing about the next big one? we have as it stands right now a 12 trillion dollar national debt. over seven trillion in external debt or trade debt. almost two trillion dollar federal budget deficit in in 2009. the government is borrowing over 1.8 trillion dollars that comes to more than 150 billion dollars a machine. next year it will be 1.4 trillion. we are going to continue borrowing over 100 billion dollars a month over a trillion a year. it doesn t take a ph.d in economics to think that you can run one trillion, two trillion, five trillion, 10 trillion dollars of debt. these numbers are incomprehensible, they are so large. the fiscal crunch can be dated fairly precisely. it s the year 2011 that is the year the first baby boomer turns 65.
they say they are doing this to get us out of the last financial crisis. could they be bringing about the next big one? we have as it stands right now a 12 trillion dollar national debt. over seven trillion in external debt or trade debt. almost two trillion dollar federal budget deficit in in 2009. the government is borrowing over 1.8 trillion dollars that comes to more than 150 billion dollars a machine. next year it will be 1.4 trillion. we are going to continue borrowing over 100 billion dollars a month over a trillion a year. it doesn t take a ph.d in economics to think that you can run one trillion, two trillion, five trillion, 10 trillion dollars of debt. these numbers are incomprehensible, they are so large. the fiscal crunch can be dated fairly precisely. it s the year 2011 that is the year the first baby boomer turns 65.
to get us out of the last financial crisis. could they be bringing about the next big one? we have as it stands right now a 12 trillion dollar national debt. over seven trillion in external debt or trade debt. almost two trillion dollar federal budget deficit in in 2009. the government is borrowing over 1.8 trillion dollars that comes to more than 150 billion dollars a machine. next year it will be 1.4 trillion. we are going to continue borrowing over 100 billion dollars a month over a trillion a year. it doesn t take a ph.d in economics to think that you can run one trillion, two trillion, five trillion, 10 trillion dollars of debt. these numbers are incomprehensible, they are so large. the fiscal crunch can be dated fairly precisely. it s the year 2011 that is the year the first baby boomer turns 65. and qualifies for medicare
hours, here is a recap. late last night. house speaker john boehner rejecting a proposal he and president obama have been shooting for all this time. we re talking about a 4 trillion dollar deal to reduce our nation s deficit. boehner saying that original deal would never pass the republican-led house because it includes up to 1 trillion dollars in tax hikes. and boehner saying negotiations would only involve a smaller 2 trillion dollar deal. the reaction from the white house, president obama says he s not giving up. he didn t come to this town to do little things, he came to do big things. he wants to do the largest possible deal that s going to do the most for the economy. there is a lack of confidence whether these political leaders will have the guts to stand up. and that was white house chief of staff william daily and treasury secretary timothy geithner from earlier. geithner summing it up in this question, are the electoral leadership in washington able to come together and