BREAKING...Obama admits 'we're out of money'

May 23, 12:44 PMColumbia Conservative ExaminerAnthony G. Martin

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When Steve Scully of C-SPAN decided to take a lackluster Presidential news conference in a different direction this morning, he got some shocking comments from Barack Obama on the economy.

The President stated flatly, 'We're out of money.'

This marks the first time Obama has admitted that the U.S. is either standing on the edge of financial collapse or has already fallen off the precipice.

The question is, does this mean the U.S. is now bankrupt?  You decide.

Here is an excerpt of the transcripts of the exchange, as provided by Matt Drudge:

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, not caused by any decisions we've made on health care so far. This is a consequence of the crisis that we've seen and in fact our failure to make some good decisions on health care over the last several decades.

Of course the President is dead-wrong on the cause of the deficits.  He wishes to blame our current economic crisis on America's healthcare system.  Not a single economist anywhere, not even on the Left, has even hinted that this is a major cause of the problem.

SCULLY: When you see GM though as “Government Motors,” you're reaction?

OBAMA: Well, you know – look we are trying to help an auto industry that is going through a combination of bad decision making over many years and an unprecedented crisis or at least a crisis we haven't seen since the 1930's. And you know the economy is going to bounce back and we want to get out of the business of helping auto companies as quickly as we can. I have got more enough to do without that. In the same way that I want to get out of the business of helping banks, but we have to make some strategic decisions about strategic industries...

SCULLY: States like California in desperate financial situation, will you be forced to bail out the states?

OBAMA: No. I think that what you're seeing in states is that anytime you got a severe recession like this, as I said before, their demands on services are higher. So, they are sending more money out. At the same time, they're bringing less tax revenue in. And that's a painful adjustment, what we're going end up seeing is lot of states making very difficult choices there...

I simply do not believe Obama when he says he will not provide any bailout money to states like California.  If you believe it, please buy my premium real estate in the Florida swamp.

Be sure to read the entire breaking story here.

For more commentary on a variety of issues, please visit my blog, updated daily, at The Liberty Sphere.