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Steele Delivers Remarks on Health Reform at National Press Club
Surveys show that a solid majority of Americans are concerned that President Obama has no strategy to reduce the deficit. Perhaps that is because President Obama's strategy is to increase the deficit.
In only his first six months, this president's first budget has sought to take on nearly as much debt as we have had taken upon ourselves in the entire history of our country. The deficits for this year alone will be the highest in U.S. history, nearly five times as much as it was just two years ago. His economic experiments have left all of us and generations to come with a staggering bill.
And the Obama experiments are not working. So far, his experiments in that economic laboratory called Congress have simply failed or blown up.
President Obama told us that a stimulus package would keep unemployment under 8 percent. It's now at 9.5 percent. And now he tells us that unemployment will go, well, to 10 percent, anyway. That experiment cost us $787 billion.
Now, to try to understand the enormity of that number, consider this: The interest on the stimulus package, the interest alone, costs us nearly $100 million every day.
STEELE: President Obama has committed to borrowing trillions from foreign creditors. In return, they get the lion's share of our nation's future economic output.