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Senate to vote on mega-Federal Spending bill this week.


CofCC.org News Team

Obama says he will sign the $410 Billion Bill that increases funding for multitudes of Federal agencies by 8% and also presently contains over 9000 earmarks! Here is the secret that the media never mentions. The $410 Billion only covers the 8% increase in funding for six months! That means that what Democrats are really passing is an $820 Billion a year bill, because they will renew it every six months.

By the White House’s own admission the 2009 and 2010 budget deficits stand at $1.8 Trillion and $1.2 Trillion. Many other forecasters say it will be much higher. Plan on adding another $410 Billion for the second half of 2009 and another $410 Billion for each six months after that.

No matter how you look at it, even adjusted for inflation, the 2009 and 2010 budget deficits will dwarf anything the United States has ever seen before. All at a time when the global economy is deteriorating and no one is left standing to buy more US bonds!

Peter Schiff: Obama believes in Zimbabwe Economics.

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