February 14th, 2011, Fairfax, VA—Americans for Limited Government President Bill Wilson today issued the following statement responding to the Obama Administration's ten-year budget:
"By 2021, under the Obama budget, the national debt will balloon to $26.3 trillion from its current level of $14.1 trillion, an 86.5 percent increase. In fact, this year, in 2011, the national debt will grow to $15.4 trillion, larger than the entire economy. Thereafter, the debt-to-GDP levels will stay above 100 percent, growing every single year.
"In fact, under the Obama budget, the national debt will never be repaid. It will continue to grow into perpetuity. Even under the rosiest of scenarios projected by the Obama Administration, the debt will be growing faster than the economy and be larger than the economy — forever.
"If spending is not cut drastically and the debt paid down at fixed intervals like a mortgage payment, one day the debt will become too large to service, let alone be paid down. Net interest alone will be $844 billion annually by 2021, a number that will easily double by 2030 if not triple.
"Congress must consider real proposals that will prevent these numbers from becoming reality. Because once they do, and once the debt becomes so large that it cannot be serviced, the U.S. will default on its obligations.
"While nobody can say for certain where that breaking point is, what is certain is that no system can be sustained that always spends more than it takes in and never repays any debt. It has never happened in history, and it never will happen."