Gold prices hit a new record high of $1150.09 raising continued inflation fears and a continued weakening U.S. Dollar.
In order to ease investors inflation fears, the Obama Administration and the Democrat-Socialist Congress, are working together to pass legislation needed to boost the federal debt ceiling currently at $12.1 Trillion Dollars and expected to rise another $9 Trillion Dollars throughout the next decade. Treasury is ending its 20 year securities and will begin selling 30 year Treasury Notes starting in 2010
Remember when Obama said “We can’t keep on just borrowing from China…we have to pay the interest on that debt and that means we are mortgaging our childrens future…Holders of U.S. Debt will eventually get tired of buying it causing interest rates from everything from auto loans to home mortgages to increase…will have a dampening effect on our economy.”
He didn’t mean it—China is the Number One holder of U.S. Debts spending by the Democrat-Socialist Congress during Obama’s Watch averages $3.87 Billion Dollars a day or $39,060.58 per American.
In March I wrote here remember when Obama promised us that he was going to cut federal spending—he didn’t mean it some $1.42 Trillion Dollars later in new spending during 2009
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