Submitted By Todd on November 18th at 5:03pm
He (warned) that there's a threat of a "double-dip recession" if the government piles on too much more debt. A "double-dip" occurs when the economy quickly slips back into recession after emerging from a downturn.It was just last week that Obama warned that he was spending more recklessly than previously told.
The White House raised the 2009 budget deficit projection to a staggering $1.8 trillion today. For context, it took President Bush more than seven years to accumulate $1.8 trillion in debt. It also means that 45 cents of every dollar Washington spends this year will be borrowed.All the more confusing is the fact that Obama made his comments about deficit spending today to the news network that his administration claims isn't a real news network - Fox News - in an interview with Major Garrett (who's not even in the military!)