The heads of President Barack Obama's national debt commission painted a gloomy picture Sunday as the United States struggles to get its spending under control.

The nation's total federal debt next year is expected to exceed $14 trillion — about $47,000 for every U.S. Resident.

"This debt is like a cancer," Bowles said in a sober presentation nonetheless lightened by humorous asides between him and Simpson. "It is truly going to destroy the country from within."

The federal government is being financed by China and other countries," China alone currently holds $920 billion in U.S. IOUs.

“Just think about that: All that money, going somewhere else, to create jobs and opportunity somewhere else”.


http://www.newsmax.com/Headline/US-Governors-Debt-Commission/2010/07/11/id/364314