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U.S. taxpayers are now paying to maintain the entire Chinese military

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It now takes Barack Obama just 286 days to add $1 trillion to the U.S. debt.  One trillion dollars in 286 days.  That's the "fiscal discipline" of Barack Obama.

Here's some perspective on that figure: It took the United States government over 200 YEARS to accumulate its first trillion dollars of debt.

Simon Black at Sovereign Man explains the implications of this grossly unsustainable spending (emphasis mine):

At an average interest rate of 2.130%, Uncle Sam will shuffle $340 billion out the door just in interest payments this year… and it’s a number that’s only going up. To put it in context, China owns so much US debt that the INTEREST INCOME they receive from the Treasury Department is nearly enough to fund their entire military budget. 

 

It gets worse:

Last year, the Treasury Department brought in about $2.3 trillion in tax revenue. They spent $2.9 trillion JUST on -mandatory- programs like Social Security and Medicare, plus the very sacrosanct defense budget. 

In other words, the US government was $600 billion dollars in the hole before paying a dime of interest on the debt, or paying the light bill at the White House. In fact the government’s own numbers reflect a budget deficit through the end of the decade, i.e. the debt level is only going to get higher. These are their own figures.

Gee, you think it's time Congress passed a budget?

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