Half of What
Submitted By Todd on February 25th at 1:22pm
Meeting with the congressional leadership of both parties, as well as a range of business, academic, financial and labor leaders, Obama warned that the country cannot continue its current rate of deficit spending without facing dire economic consequences.Expand that by the cost of the the Wall Street bailout, the Stimulus package, the Housing Package, the Detroit bailout, the further funding of each of those programs after they fail, and the increased debt service for the borrowing required to fund each of them, plus the cost of universal health care and other new fiscal debacles, and we can assume that the Obama deficit will likely run $1.5 trillion, or three times the Bush deficit.
President Obama pledged Monday to cut the nation's $1.3 trillion deficit in half by the end of his first term.So when President Obama commits to cutting the deficit in half, he actually means that he plans on nearly doubling the Bush deficit!
"I refuse to leave our children with a debt they cannot repay," he said in remarks opening the one-day summit at the White House. "We cannot and will not sustain deficits like these without end. ... We cannot simply spend as we please."Really? But we're going to cure global warming, beef up the war in Afghanistan, increase foreign aid, nationalize health care, fix the schools and pay for all those recession busters and cut the budget? Please.
He also pledged to end no-bid contracts in Iraq, root out waste and abuse in entitlement programs such as Medicare and Medicaid, require every Cabinet member to scrub department budgets "line by line," and reinstate a "pay as you go" rule from the 1990s.Oops, forgot about those.