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
writing: sean: let me repeat, the offer lacks any concessions. if you want the most recent concrete evidence of how irresponsible president obama is, you need look no further than his opening bid in budget talks. the proposal awd to republicans late yesterday courtesy of tax cheat geithner calls for the following: 1.6 trillion dollar tax increase, increasing rates on incomes over $250,000. 150 billion dollars in new public stimulus spending of which 50 billion would be spent next year. another extension in unemployment benefits, 30 billion. new power to raise the federal debt limit without congressional approval. in other words, an obama blank cheque. that is not all. he also wants the estate tax
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tonight it only adds to it. remember what churchill said about america you can always count on americans to do what is right after they ve exhausted he have every other option. it is time we put partisanship aside and let the policy decide and have the debate and move this country forward. greta: thank you sir. what do democrats think of the plan? joining me congressman andrews. the president talked about modification of medicare and medicaid. did that attract your attention? i think we have to do that i think with the growing elderly population, thank god, living longer. you have to reform medicare and medicaid in some sense. one way is give the medicare administration the authority to negotiate prescription drug prices the way the va does. save maybe 150 billion dollars over 10 years doing that. greta: why isn t that being done? because the drug companies