Costs of Spending

I often catch Special Report with Bret Baier on Fox News (5pm here).  He has been doing comprehensive reporting of the federal government spending and the truths about the fiscal cliff.  Last night he showed a chart that was very telling.  It seems with all the bluster in Congress and Obama claiming yesterday that "they" just don't like him (what an ego), we continue to be spending more on interest than they are talking about cutting!

All our debt and deficits cost us interest.  Of course, we all know about loan interest like on cars and homes and credit cards and business loans.  Money costs $.  The more you borrow and the worse your credit rating, the more $ you have to have to pay "the piper". 

We are on the brink of our credit rating being lowered which will mean what?  Class?  That's right -- higher interest rates and more "revenues" necessary to service our debt. 

Here's the link to last night's report.  You can fast forward to about 2:30 to see the chart I referenced.  Let me know what you think.

http://www.foxnews.com/on-air/special-report-bret-baier/videos#p/86927/v/2046355471001

til later