“Learning Deficits” by Bob Borosage
March 25, 2009, 1:00am
Will Obama’s transformative budget survive? As his press conference last night illustrated, it runs a serious risk of drowning in a swamp of cant.
The budget is getting strafed by politicians in both parties for its deficits and debt. (the deficit is the annual shortfall between revenue and spending; debt is essentially the accumulation of net deficits over time).
Republicans, having joined Rush Limbaugh in betting that Obama fails, have done most of the ranting. Sen. Judd Gregg, lead Republican on the Senate budget committee, fulminates that if we pass Obama’s budget, “this country will go bankrupt. People will not buy our debt. Our dollar will become devalued.”
From The Huffington Post