Obama: What debt crisis?

ROS sends a link to an ABC report of an interview with the President in which he now claims that our debt is sustainable and that there is no crisis;

“We don’t have an immediate crisis in terms of debt,” President Obama said in an exclusive interview with George Stephanopoulos for “Good Morning America.” “In fact, for the next 10 years, it’s gonna be in a sustainable place.”

It’s an assessment that will throw cold water on the latest attempt to achieve a so-called grand bargain to reduce the deficit. After all, a grand bargain would require excruciatingly difficult decisions for both sides – for Republicans, it would mean raising taxes, and for Democrats, cutting future spending on cherished programs like Social Security and Medicare. If there is no crisis, why would either side do it?

So, what happens if this latest effort to reach a deficit agreement falls through? Once again, the president’s answer was, essentially, no big deal.

“Ultimately, it may be that the differences are just too wide” to get a deal, President Obama said. “That won’t create a crisis. It just means that we will have missed an opportunity.”

So, I guess now that there’s no one else to blame he’s just going into denial about the debt. Then why did he raise taxes? And why does he want to raise taxes on even more working Americans if there’s no impending crisis?

Category: Barack Obama/Joe Biden, Economy