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National Debt exceeds 10 trillion, rising fast.


CofCC.org News Team

Some sources place the US national debt as high as $10.75 trillion.

Obama needs to sell hundreds of billions of US bonds fast to pay for the Stimulus bill. However the global crises has caused international demand for US debt to plummet. China owns 1.7 trillion of our debt, but they are in a deep financial crises of their own now, and aren’t likely to buy much more. Investment powerhouses like Dubai, Iceland, Singapore and others are hurting and won’t be buying up our debt this time.

Asian Stock markets actually plummeted on news that the US Senate passed the stimulus bill. This after two weeks straight of gains. Across the Asian world, the press is ridiculing Obama’s stimulus bill. Most agree that Obama should be gutting the Federal government, rather than increasing it.

If Obama can’t sell more bonds, the treasury department will have to print the money. This will cause inflation, and deepen both the US financial crises as well as the global financial crises. The United States could become a pariah nation to the countries that invested heavily in our bonds.

Forecasters predict a fiscal year 2009 budget deficit of 1.6 trillion dollars due to the stimulus bill and the bank bailout. This will add another 15% to the US national debt! According to Jerome Corsi, the figure will be more like 2.5 trillion, or a 23% increase in the national debt.

George Bush recklessly increased the national debt by 70% in two terms. Obama is on track to shatter that record within his first term.

National Debt More Dangerous than Terrorists.