CBO’s Elmendorf: The U.S. is Entering Unfamiliar Territory

in Debt Gold GOld juniors by admin — March 8, 2010 10:39 am | no comments

� � According to the Congressional Budget Office (CBO) President Obama’s proposed budget will add more than $9.7 Trillion to the national debt by 2020. In fact, these shortfalls are so huge that they will force the U.S.to continue borrowing at these levels, pushing the national debt to 90 percent of U.S. GDP by 2020, the CBO said. � What’s more, interest payments on the debt would also skyrocket by $800 billion over the same period as the Uncle Sam continues to mortgage the future. “The U.S. is entering unfamiliar territory in its level of public debt,” said CBO Chief Douglas Elmendorf recently. � “It will be larger over the next decade than it’s been in half a century,” Elmendorf continued, � “The choice is not whether to change course from current policy but how quickly and in what way.” Meanwhile, the native are getting restless. � Here’s one thing I do know—the status quo cannot possibly be maintained. � Related Articles: Baby Boomers or Baby Doomers? Baby Boomers Meet the Housing Bubble NEWSFLASH: Social Security is Now Cash Flow Negative Investing for Retirement To learn more about Wealth Daily click here CBO’s Elmendorf: The U.S. is Entering Unfamiliar Territory originally appeared in Wealth Daily . Wealth Daily is a free daily newsletter featuring contrarian investment insights and commentary.