Thursday, April 02, 2009

Budget Woes



Ron Paul is predicting that the real federal budget deficit for this year will be over 2 trillion, not the 1.1 or 1.2 trillion being predicted by the Democrats/Obama administration. RP opposed H Res 282, a bill that would require taxpayers to hand over $100 billion to Egypt and Israel in exchange for them signing a peace treaty with each other.

He is also saying that Obama's military spending for this year is a 9% increase over last year. To fight the wars in Iraq and Afghanistan, we borrowed money from countries that are worse like China and and Iran. The Chinese are now angry at us because the money (100s of billions of dollars) that we owe them is losing its value because we are "printing" the money is pay for this budget. He warns that if this continues, the Federal Government will eventually default on its loans.

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