Obama's budget would double deficit over decade

From Miamiherald.com

The national debt held by the public would double over the next decade if President Barack Obama's budget is enacted into law, the nonpartisan Congressional Budget Office projected Friday.

The U.S. government would run budget deficits approaching $1 trillion every year for a decade under Obama's budget, the CBO said.

Deficits and debt that big are unsustainable over the long term, economists agree. They'd threaten to send inflation spiraling upward, threaten the nation's creditworthiness and the value of the dollar — China's prime minister publicly voiced concern about the safety of U.S. debt last week — and force up interest rates, as investors come to see the United States as a risky, debt-ridden economy. They'd saddle future generations with a debt payable only by cutting federal spending or raising taxes sharply.