"The nation cannot afford Congress continuing to borrow and print its way into a financial Apocalypse to pay for unsustainable entitlement programs. The national debt is a near-term problem, and there is not a moment to lose."
– ALG President Bill Wilson
February 3rd, 2010, Fairfax, VA— Moody's has warned that the United States' Triple-A debt rating could be in jeopardy "if the current upward trend in government debt were to continue and become irreversible," prompting Americans for Limited Government President Bill Wilson to declare the "coming debt Apocalypse a near-term problem that must be immediately addressed."
Wilson said the timing of Moody's warning was "no coincidence."
"Moody's warning came just one day after Barack Obama released his ten year budget, which will add a total of $10.6 trillion to the national debt," Wilson warned, adding, "By 2020, the national debt will total $25.77 trillion by the White House's own numbers."
Wilson called the White House's claims of deficit reduction "pure accounting fiction."
"Obama claims that his ten-year budget plan will 'reduce the deficit' by $1.2 trillion. Compared to what? His own budgets as proposed will add an average of $1.06 trillion every single year to the national debt from 2011-2020," Wilson explained.
As a result, the nation's Triple-A debt rating "could come under downward pressure," according to Steven A. Hess, senior credit officer at Moody's.
Just last week, the U.S. Senate for voting to increase the national debt ceiling by $1.9 trillion, which would bring the national debt limit to $14.294 trillion if passed by the House.
Then this morning, the Treasury issued a warning that the U.S. would hit the national debt ceiling of $12.4 trillion by the end of the month.
According to the White House Office of Management and Budget, the national debt will increase to $15.119 trillion in 2011, more than the entire Gross Domestic Product, which currently stands at $14.463 trillion.
The Obama proposed budget for 2011 totals $3.8 trillion, according to OMB.
The national debt has grown for every year since 1958. Wilson said that "both political parties are to blame, who have turned a blind eye on the full faith and credit of the United States."
Wilson said it was time "to set aside partisan differences and work together, not to 'reduce the deficit,' which means nothing, but to reduce the debt."
"The hour grows late. The nation cannot afford Congress continuing to borrow and print its way into a financial Apocalypse to pay for unsustainable entitlement programs. The national debt is a near-term problem, and there is not a moment to lose," Wilson concluded.