A grim warning cry on soaring US debt

The New York Post reports:

President Obama’s self-congratulatory State of the Union message last week made it sound like our nation’s problems are behind us. But on Tuesday the nonpartisan Congressional Budget Office set the record straight with a blistering warning.

The CBO cautioned that America’s unaffordable public programs and crushing debt will condemn us to anemic economic growth.

Total federal debt will reach $22.3 trillion by 2020. Unsustainable, says the CBO — especially when now-low interest rates return to normal.

Don’t count on spendaholics in Congress to take this warning seriously. Sen. Chuck Schumer (D-NY), for example, responded to the CBO by boasting about this year’ s $468 billion federal deficit — the smallest since Obama took office — and smirking at “Republican rhetoric about ‘a big government’ boogeyman.”

Sorry, senator. The CBO predicts you won’t be seeing deficits that small again except in the rear-view mirror. By 2020, the deficit will nearly double, as federal spending reaches a staggering $4.8 trillion.

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