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Published on Feb 17, 2011
Treasury Secretary Timothy Geithner today admitted under questioning from Sen. Sessions that the president's own budget, submitted Monday, calls for interest payments and obligations that are "excessively high" and "unsustainable." The president's plan accumulates $13 trillion in new gross debt, with interest payments on the debt rising to $844 billion a year by 2021.
Additionally, the president's budget ignores the recommendations of his own fiscal commission, causing the Democrat Co-Chair of the Commission, Erskin Bowles, to remark that the budget "goes nowhere near where they will have to go to resolve our fiscal nightmare."
Under President Obama's budget, total federal spending will increase another 65% by the end of the decade. In fact, accumulated deficits under the president's budget are greater than those in the Congressional Budget Office baseline, which assumes we essentially do nothing.