I was reading PA Watercooler's post about the Porkulus Bill. There has been so much GOP bashing over the lack of support it nauseates the soul. If you want to read where it will be spent look here. In the end it was the three GOP Amigos who made it happen.
But if you want a real "you have got to be f....ing kidding me" reading look at what Obammamessiah has to say about budget deficits according to the Wall Street Journal.
With a $787 billion stimulus package in hand, President Barack Obama will pivot quickly to address a budget deficit that could now approach $2 trillion this year.
He has scheduled a "fiscal-responsibility summit" on Feb. 23 and will unveil a budget blueprint three days later, crafted to put pressure on politicians to address the country's surging long-term debt crisis.
Speaking Friday to business leaders at the White House, the president defended the surge of spending in the stimulus plan, but he made sure to add: "It's important for us to think in the midterm and long term. And over that midterm and long term, we're going to have to have fiscal discipline. We are not going to be able to perpetually finance the levels of debt that the federal government is currently carrying."
So Chosen One..how in the hell are you going to finance the new levels?? Are the Chinese going to buy more of our debt? Why is the mainstream media letting him get away with this? How can talk about managing debt when you are creating it faster than the Space Shuttle Takeoff??
Projections for 2009 deficit range from Goldman Sachs's $1.43 trillion to $1.9 trillion from economic firm Strategas Research Partners. At 13.5% of GDP, a $1.9 trillion shortfall would more than double the peacetime record during Ronald Reagan's presidency, and approach the mark set in 1942 as the U.S. joined World War II.
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