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Ryan: Debt on Track to Hit 800 Percent of GDP
Posted By kurtnimmo On April 6, 2011 @ 1:57 pm In Economic Crisis,Tile | Comments Disabled
April 6, 2011
House Budget Chairman Congressman Paul Ryan (R-Wis.) said President Barack Obama’s budget strategy is to “do nothing, punt, duck, kick the can down the road” while the debt remains on track to eventually hit 800 percent of GDP. Ryan added that the CBO is saying it “can’t conceive of any way” that the economy can continue past 2037 given its current trajectory.
Ryan also said that the House Republicans’ FY2012 budget, which he unveiled yesterday, would save Medicare and help the United States avoid a debt crisis.
“It all comes down to this: Either you fix this problem now where we, you can guarantee people who’ve already organized their lives around these programs get what they have coming to them, or you pick the president’s path, which is do nothing, punt, duck, kick the can down the road, and then we have a debt crisis and then its pain for everybody,” said Ryan.
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