Obama warns on US public debt pile

After doubling the budget deficit since he came into office, and pushing hard for a massive increase in public spending for a number of programs including the Obamacare health “hellth” bill, it takes nothing if not a massive display of chutzpah to make comments like this.

US President Barack Obama warned that the US economy could head into a “double-dip recession” unless urgent steps were taken to rein in mounting public debt.

“It is important though to recognise if we keep on adding to the debt, even in the midst of this recovery, that at some point, people could lose confidence in the US economy in a double-dip recession,” said Mr Obama.

Sounds like the ChiComs have been reading him the riot act about his spending…after all, they have a LOT of investment in U.S. debt to protect from a total fiscal melt-down. IMHO it may be too late. I hope not, but…