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Is fiscal austerity coming to Washington?

By Implode-Explode Heavy Industries

``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.''

Full post as published by Mortgage Lender Implode-o-Meter on January 12, 2011 (boomark / email).