2011-01-12forbes.com

``In its “Pledge to America,” the Republicans promised to cut $100 billion from this year’s budget. Sorry, but this is not going to set things right... how’s this kind of fiscal austerity going to help a U.S. government that in fiscal year 2010 ran a spending tab of $3.5 trillion and posted a deficit of $1.3 trillion? How’s this going to help a U.S. government that is currently sporting a debt load of $14 trillion, and if one adds in the now guaranteed liabilities of beleaguered Fannie Mae and Freddie Mac, a debt load of over $20 trillion? How’s this going to help a U.S. government that by some estimates is on the hook for well over $100 trillion in unfunded liabilities? The answer, its not.''


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