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Sunday, May 24, 2009

Obama: Government is Broke

President Obama has checked the accounting ledgers and come to a disturbing conclusion: The government is broke.

"We are out of money," Obama said during a lengthy interview with C-SPAN that aired yesterday morning.

He was responding to a question about the country's $11 trillion national debt, which is the money the government borrows long-term, and the potential $1.7 trillion budget deficit, which is the gap between tax revenue and current spending.

Read it all here.

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