President Obama: America will go bankrupt without his healthcare plan

Now who is scaring people, Mr. President?

President Obama told ABC News’ Charles Gibson in an interview that if Congress does not pass health care legislation that will bring down costs, the federal government “will go bankrupt.”

The president laid out a dire scenario of what will happen if his health care reform effort fails.

Is this the same type of promise that if we do not pass a massive stimulus plan then unemployment will go over 8%?

As the President was promising these dire consequences, Congress increased the debt limit by $290 billion dollars.

The real question is, aren't we already bankrupt?