Obama: "We're out of Money."
[link to www.c-span.org] [Warning: PDF]

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

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?

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

CNN: "The figure Walker cites includes future payments that government entitlement programs would have to pay, including $32 trillion owed by Medicare."
[link to www.cnn.com]

"Add together the unfunded liabilities from Medicare and Social Security, and it comes to $99.2 trillion over the infinite horizon."
[link to www.dallasfed.org]

U.S. unfunded liabilities: over 112 Trillion dollars
[link to usdebtclock.org]