Posted on 11/15/2009 3:32:12 PM PST by Pan_Yan
President Barack Obama has promised Asia's creditor nations that Washington will not let US borrowing spiral out of control, vowing a major drive to cut the budget deficit and restore global confidence in the US dollar.
"As the economy recovers, I intend to take serious steps to reduce America's long-term deficit," he told the Asia-Pacific Economic Co-operation (APEC) forum in Singapore. "Debt-driven growth cannot fuel America's long-term prosperity."
The assurance comes amid growing doubts across the world over the wisdom of White House spending plans. The US Congressional Budget Office expects the deficit to remain around $1.8 trillion (£600bn) as far ahead as 2019 under current plans, pushing the US national debt into the danger zone.
China, Japan, and other Asian states with large holdings of US Treasury debt fear that Washington may be embarking on a course that will lead to "stealth default" through dollar debasement and creeping inflation. The public mood in the US has also been shifting as the Republicans score points with calls for a return to fiscal rectitude.
The US deficit reached $1.42 trillion in the fiscal year of 2009 and it is expected to top $1.5 trillion in 2010, roughly 10pc of GDP.
APEC leaders said the world economy would never be the same again after the financial trauma of the last year. "The post-crisis landscape will be different. We need a fresh model of economic integration. We cannot go back to 'growth as usual'," they said.
[snip]
Mr Obama gave warning to Asian exporters that they must stand on their own feet in the future rather than feeding off US markets. "We cannot follow the same policies that led to such imbalanced growth.
(Excerpt) Read more at telegraph.co.uk ...
I can say without reservation that this statement is as truthful and heartfelt as any other statement this PINO has made to date.
lol this is not the time for the bamer to joke...spending is out of control
This is satire....right?
It already IS out of control.
Anyone lending us money at this point are fools!
Our once great nation is now nothing more than a sub-prime borrower.
Hey, BO: It has already spiraled out of control. OK, probably not something you are really watching, but you might wish to do that instead all of the other crazy stuff you have been doing - Gitmo, Copenhagen, golfing every week, and so forth. Just sayin’.
'fraid not. His public statements and those who actually believe them continue to exist in an alternate universe where the laws of economics are upside down.
Did they laugh at him like Timmy’s audience?
It’s already out of control Dipstick.
It’s already out of control Dipstick.
Keep your word Obozo, kill Cap and Trade and Health Care NOW!
He didn't say anything about reducing spending. He said he would reduce the deficit. I think most taxpayers can figure out what that means.
I sure hope the Chinese BS detectors didn’t short-circuit.
LOL! Obamessiah has spoken.
SURE!!!!!!!!!/s
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