So, Obama is finally getting it? "Long-Term Debt Load 'Unsustainable?'"

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Well, duhhhh.

Even your lowly blogger here knew that.

Our president's ability to print money has only been limited by an inability to either cut down trees or produce ink fast enough, and only now is he getting worried about "sustainability?"

The Congressional Budget Office warned Obama before he engaged in his reckless, incompetent handling of our economy, putting us in trillions of dollars of debt, debt that our children won't be able to pay off.

His handling of the economy has been a disaster. He's been warned along the way that it's been a disaster. He, personally, bears much of the responsibility for talking down our economy in such a way that it enabled him to scam Congress into voting for a bill that no one had even read... all in the name of his non-existent "transparency," of course.

The time for the President to have considered this increasingly likely outcome was BEFORE he pulled out his shovel and started tossing fiscal dirt on us and our future.

That we are at risk is unquestionable. That our President's incompetent handling of this crisis is, in large part, responsible for this situation is equally difficult to question.

The President stupidly (Yes, I said "stupidly.") tells us:

“Most of what is driving us into debt is health care, so we have to drive down costs,” he said.

That's a crock. What's jacking up our debt load is his out-of-control spending for every leftist special interest group that helped him get elected.

Better late than never, I suppose. But what pain he'll have accomplished along the way.

Obama Says U.S. Long-Term Debt Load ‘Unsustainable’ (Update2)

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By Roger Runningen and Hans Nichols

May 14 (Bloomberg) -- President Barack Obama, calling current deficit spending “unsustainable,” warned of skyrocketing interest rates for consumers if the U.S. continues to finance government by borrowing from other countries.

“We can’t keep on just borrowing from China,” Obama said at a town-hall meeting in Rio Rancho, New Mexico, outside Albuquerque. “We have to pay interest on that debt, and that means we are mortgaging our children’s future with more and more debt.”

Holders of U.S. debt will eventually “get tired” of buying it, causing interest rates on everything from auto loans to home mortgages to increase, Obama said. “It will have a dampening effect on our economy.”

Earlier this week, the Obama administration revised its own budget estimates and raised the projected deficit for this year to a record $1.84 trillion, up 5 percent from the February estimate. The revision for the 2010 fiscal year estimated the deficit at $1.26 trillion, up 7.4 percent from the February figure. The White House Office of Management and Budget also projected next year’s budget will end up at $3.59 trillion, compared with the $3.55 trillion it estimated previously.

Two weeks ago, the president proposed $17 billion in budget cuts, with plans to eliminate or reduce 121 federal programs. Republicans ridiculed the amount, saying that it represented one-half of 1 percent of the entire budget. They noted that Obama is seeking an $81 billion increase in other spending.

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