WASHINGTON (SR) - President Obama told ABC News’ Charles Gibson in an interview that if Congress does not borrow a trillion dollars and institute the Democrat's health care plan, the federal government “will go bankrupt.”
Here is a partial transcript of the interview:
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Gibson: So Mr. President, you say that without health care reform the federal government will go bankrupt, but the health care plan will reportedly cost a minimum of a trillion dollars that the government does not have. If our government is already broke, how do you keep it solvent by borrowing a trillion more?
President: Look Charlie, let me make this as simple as possible. If you are, say, out of work, have no money, owe thousands to creditors, and they're going to take your home, what would you do? Of course you would borrow thousands more to save your home and stave off your creditors. The government works the same way.
Gibson: But if I were broke and in debt, who would loan me thousands more?
President: Well, essentially the taxpayers.
Gibson: The government would loan me tax money?
President: If you were the federal government, yes.
Gibson: So if I were the government, I would loan myself tax money?
President: You would borrow the money against future taxes.
Gibson: So if I were the government and was broke, I would borrow money to give to myself to keep from going broke, and make future taxpayers pay it back?
President: Ha ha ha, now you're trying to make it too complicated. You would just obtain money to save yourself from going broke.
Gibson: Borrow the money.
President: Well, what's important is not how you get it, it's what you do with it once you have it.
Gibson: So you, meaning the government, would basically bankrupt the country further to create this health care plan in order to save the government from bankruptcy.
President: That's right.
Gibson: Sounds good to me!
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My comments: I wish I hadn't drawn all those pictures during math class so I could understand this. Maybe I'll just have a margarita and assume Barry paid attention.
