Debt is out of control!
In March 2009 the Obama Administration would claim that they will cut the annual deficit to $500 Billion---one small problem it is not true.
The Congressional Budget Office (CBO) and Office of Management Budget (OMB) both say the projection is not even close. In ten years their prediction is our federal deficit will reach 80% of gross domestic product. This percentage does not have the growing entitlement cost fully built in.
This level of debt is unsustainable and will put the U.S. in league with the third world’s debt ratios. Immediately bringing back fiscal discipline must become Congress’s first priority.
Here is a simple video to explain Debt & Deficits.
The National Debt Road Trip