President Obama addressed the nation today in support of his economic recovery plan, including the stimulus bill, mortgage bailout, automobile industry bailout, bank industry bailout, insurance industry bailout, SCHIP expansion, tax refunds to non-taxpayers, and single-payer medical care plan.
Obama blamed the current mortgage crisis on the "Irresponsible and reckless frenzy of borrowing and spending with no forethought into the long-term risks or costs, and with no way to ever repay the debts incurred. It is imperative that we learn from these mistakes and enact government regulations to prevent any such thing from happening again. Only government can exercise the fiscal restraint to curtail excessive toxic debt."
Which, Obama said, is why we must immediately, with no delay, pass a Federal Budget which borrows $1.75 trillion to fund his massive spending plans which we will never be able to pay for.