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Subject San Jose Mayor: "Let me emphasize there is no more money. The well is dry,"

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[quote:Anonymous Coward 1269711:MV8xMzY0OTY5XzIyNTA2MTUxXzFGOTE0Qjkz]
[b]Obama: "We're out of Money."[/b]
http://www.c-span.org/pdf/obamainterview.pdf [[b]Warning: PDF[/b]]

In a sobering holiday interview with [b]C-SPAN, President Obama boldly told Americans: "We are out of money."[/b]

C-SPAN host Steve Scully broke from a meek Washington press corps with probing questions for the new president.

SCULLY: You know the numbers, $1.7 trillion debt, a national deficit of $11 trillion. At what point do we run out of money?

[b]OBAMA: Well, we are out of money now.[/b] We are operating in deep deficits

CNN: "The figure Walker cites includes future payments that government entitlement programs would have to pay, [b]including $32 trillion owed by Medicare[/b]."
http://www.cnn.com/2007/US/03/27/pysk.walker/index.html

"[b]Add together the unfunded liabilities from Medicare and Social Security, and it comes to $99.2 trillion over the infinite horizon[/b]."
http://www.dallasfed.org/news/speeches/fisher/2008/fs080528.cfm

[b]U.S. unfunded liabilities: over 112 Trillion dollars[/b]
http://usdebtclock.org
[/quote]

Original Message "Let me emphasize there is no more money. The well is dry," said San Jose Mayor Chuck Reed.
[link to abclocal.go.com]

SJ Mayor: 'The Well Is Dry'
[link to www.nbcbayarea.com]

San Jose Mayor Delivers Grim State Of The City Address
[link to www.ktvu.com]

Pictures (click to insert)