Obama Warns of Dire Consequences Without Stimulus ($1,200,000,000,000 Deficit on Obama's watch)

fox news ^ | 1/8/2009 | ap

[tobyhill]

President-elect Barack Obama said Thursday that the U.S. recession could "linger for years" unless Congress acts to pump unprecedented sums from Washington into the U.S. economy, making his highest-profile case yet on an issue certain to define his early presidency.

"I don't believe it's too late to change course, but it will be if we don't take dramatic action as soon as possible," Obama said in a speech set to be delivered at George Mason University in Fairfax, Virginia, outside Washington. Excerpts from his prepared text were released in advance by his transition team.

"A bad situation could become dramatically worse," he said, painting a dire picture -- including double-digit unemployment and $1 trillion in lost economic activity -- that recalled the days of the Great Depression in the 1930s.

It was the fourth day in a row that Obama has made a pitch for a huge infusion of taxpayer dollars to revive the sinking economy.

[cricket]

I still want 'Barney, Chris, Nancy. . .Harry's, computers - office/and/or home. . .taken by FBI and checked for 'missing pieces'. This criminal enterprise and it's impact on world finances demands redress!

[elpadre]

America will face dire consequences with the stimulus plan ballooning the government and giving it unheard of power over the lives of cit zens.

[jersey117]

Geez - I thought the first cash infusion (TARP) was supposed to save the day and avoid a crisis on Main Street.

[ScottinVA]

“They think that sending the $ 500 checks mostly to people who do not pay income taxes is going to save us from a deep recession.”

Well, some of that’ll probably give a boost to the porn industry, anyway.

[ScottinVA]

“This will be good for everyone nostalgic for the Jimmy Carter years.”

This is going to make those of us old enough to remember nostalgic for the Carter years.

[NormsRevenge]

I guess Obama isn’t too big to flail

Caught just a snip of his speech, the ‘ We’re gonna double renewably energy output in 3 years .. create jobs building solar panels, blah blah .. blah.’

The left has no one to blame but themselves and the mushy moderates that sleep with them ideologically.

[NormsRevenge]

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U.S. President-elect Barack Obama arrives to make a speech on the economy at George Mason University in
Fairfax, Virginia, January 8, 2009. REUTERS/Jim Young (UNITED STATES)

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Too bad they didn't have a big wading pool for his entrance.

[lowbridge]

bump

[tobyhill]

There was not a 2009 Budget, only a Continual Resolution, so Bush has signed nothing that would increase or decrease the deficit. As it stands now and as it will stand when Obammy takes office it is about $455 billion. If Obama signs a budget, absent offsets, and it leads to a $1.2 trillion deficit then that's $745 billion attributed to Obama, plain and simple.
Bush has been terrible at managing our money but I'm not going to excuse an Obama who wants to mismanage our money 3 fold to how Bush did.

[Your Nightmare]

Didn't Bush sign the bailout bill (didn't he beg for it)? Didn't he also sign the bill that allowed for the continuing resolution? If not then he's failed in his oath of office. The Constitution states "No money shall be drawn from the Treasury but by consequence of Appropriations made by Law." I don't recall any vetoes being overridden so all this spending is being done with his consent.

And if you had follow the link I provided you would see that the deficit for Oct & Nov was $401 billion. CBO is estimating December at another $83 billion - which would bring the total to $484 billion for the first three months. And he does even take office until 3 weeks into January. Trying to pin all this debt on him is absurd.

[tobyhill]

Obama has a choice, balance the budget or keep spending. Regardless what the deficit is at the end of Bush's watch it is Obama who plans on quadrupling it.