In an interview with C-SPAN over the weekend, Obama explained how screwed the U.S. really is...

From Drudge Report:

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.

So we've got a short-term problem, which is we had to spend a lot of money to salvage our financial system, we had to deal with the auto companies, a huge recession which drains tax revenue at the same time it's putting more pressure on governments to provide unemployment insurance or make sure that food stamps are available for people who have been laid off.

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More on America's finances:

Bill Gross: U.S. is screwed, will lose AAA rating

Marc Faber: "The U.S. gov't for sure will go bust"

Bill Gross: Gov't actions will destroy financial assets