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Obama says there is no debt crisis

umm...should we clear out the super market shelves now or what?

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There has been no shortage of dire warnings about the mounting US national debt, but President Obama is now offering a different assessment: no big deal.

"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.

read more:
http://news.yahoo.com/president-obama-no-debt-crisis-1356066...

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Barack Obama's statement from 2006

The cost of our debt is one of the fastest growing expenses in the Federal budget,” said President Barack Obama. “This rising debt is a hidden domestic enemy, robbing our cities and States of critical investments in infrastructure like bridges, ports, and levees; robbing our families and our children of critical investments in education and health care reform; robbing our seniors of the retirement and health security they have counted on.”

Obama made this appeal from the floor of the U.S. Senate in 2006 as he and his fellow Democrats rallied against raising the debt ceiling limit. Then, the national debt stood at just over $8 trillion. Today, it has ballooned to more than $16 trillion.

http://www.mediaite.com/online/obama-warns-increasing-americ...

"In the end, more than they wanted freedom, they wanted security. They wanted a comfortable life, and they lost it all -- security, comfort, and freedom. When ... the freedom they wished for was freedom from responsibility, then Athens ceased to be free."