CNN

And the republicans plan, besides their usual battle cry of tax cuts, is....? They do not have one. They just want the train to go off the track so they can say "see I told ya so." Some plan.

No! Not if we let the filthy rich pull there weight for a change, and stop corperate wellfare.

Not if AIG, The UAW, and others are given their chance to do it first.

His proposals are backed by some economists, some bankers, and some business leaders. (I think)

Do we believe them all (on both sides) or none of them?

Americans are already bankrupt – unable to pay their bills when due. Government spending is actually our spending – your and my spending – to save each other from collective national bankruptcy. We have no choice. It's absolutely necessary.

I think it depends on how many jobs are really created and a more equittable tax plan and a national healthcare insurance and MUCH better regulation of the financial institutions with more money going for loans to small businesses. We can go either way. It all depends. We also need to find something to export besides our trash to China and our lemons to Mexico, who has their own lemon groves. And tax the companies that send their jobs to other countries.

Jack,

Obama's budget will have some bones in it to throw the Republicans. It won't be this large in its final form. It will not bankrupt the Treasury. There are tens of billions that can be cut from defense spending [per John McCain], there is $170 billion per year that will come back to the Treasury after the Bush tax cuts expire, there are completely untapped sources of revenue that will raise billions if acted upon [a small transaction tax on all stock market transactions that have hurt the economy [short-selling, default swaps, deriviatives, commodities speculation, etc.], and tax the income of millionaires as income just like everyone else...to name a few ways to avoid bankruptcy while recovering the economy that Bush allowed to blow up.

Rich Green
San Clemente, Cal

No, but it will shift the way the money is spent, and all those no-bid contracts are out the window. No white collar thief is going to be helping to rebuild our infrastructure system in Americans, and those who are are going to be mostly blue collar workers from the middle class..

Yes, yes and yes. This economy got into trouble by relying on credit.
And how does this bright president want to save the economy? By relying on credit.
Stupid followed by stupid.
Wake up, guys, when the credit is due, it's coming from you.
Obama will walk away with his retirement and lecture bonuses and laugh all the way to what ever banks are left.

Denis
Pittsburgh, Pa.

We should make Obama tattoo "owned by China" across his forehead. His liberal ideas will not only bankrupt us financially they will bankrupt us morally. We were known as defenders of the good in the world, now we'll send it's OK to kill babies and use their stem cells for research image to the world and tax Jack Cafferty's great, great children for the entire bill. Oh, bye the way what if China decides to call in their bet, you willing to go work in factory making pennies an hour making little plastic toys?

I'm not any too sure that it isn't bankrupt already at this point because the tax base from the unemployed isn't giving this country money to run it. If someone up there in DC isn't aware of what they are doing surely Jack you can sit down and do a budget for them to guide them through the fog!

It's a disgusting spectacle. You can tell Obama never had to run a business, or balance a budget. He wants to put his liberal agenda in place at any cost. But as Margaret Thatcher said: "The problem with socialism is that eventually you run out of other peoples' money".

Bush tried very hard and he had an agenda to do just that, on the other hand President Obama is trying his hardest to not bankrupt our nation. I think it is up to each citizen to help out and contribute toward preventing national bankruptcy which could lead to world collapse.

Will President Obama Bankrupt the country.. what are we now..
We manufacture nothing.
Cost of Education is just beyond reach
Cost of Health care is horrific
Families has lost their homes (live in shelters, live in cars, live under tents)
Business have closed
Hundreds of thousands have lost their jobs.
Bridges fall down
Levies get over run by water
Banks closed down
We are dependant on forgien oil
Our car industry can not maintain itself
Business can NOt get loans.
People can not get loans.
families are using their savings to eat.
Exactly WHAT COULD THE PRESIDENT DO TO MAKE THINGS WORSE?

What is going to bankrupt our country is those failing companies that we have to bail out. We do not have to worry about socializm because we are going into Feudalizm. Our government is more intresed in protecting wealthy and powerfull and blaming workers. That is why they blame auto workers for trouble in auto industry but Wall Street bankers that caused the global problems can not renegotiate their contracts and should be rewarded with more money.

This is why Chicken Little AKA Judd Gregg didn't join the Obama administration so he can run around the beltway yelling the sky is falling. The only thing bankrupt in Washington DC these days is any form of Republican intelligence and ideas for the future.

There's no alternative, Jack. Like Vegas, this is a roll of the dice. Desperate strategies are needed in desperate times. We're all in new territory now and inaction would only deepen the recession.
At another time long ago, president Clinton turned father Bush's huge deficits into a large surplus. It's not beyond reality that Obama may do the same.

PS. Ooops sent the comment in without finishing....... our Nation is already bankrupt, and it was bankrupt thanks to George W. Bush!

The country had been spiraling into bankruptcy through Republican policies of deregulation, destruction of the Middle Class, and no taxation of the rich. The president's policies of laws for the rich as well as the rest of us, government serving even the non-rich, and shared financial contribution from all, will prevent bankruptcy.

The recovery will put the country back to work and then we'll have a consumer once more.

Yes. And I'd like to say it took 212 years for forty-two Presidents to get the debt to about $5,000,000,000,000, and another eight with George W. Bush to add $5,000,000,000,000 to the debt. And it will take ten years with Barack Obama to add $20,000,000,000,000 to the debt. Do the math. It's clear Obama will be a far bigger contributor to the debt than Bush so Obama needs to stop whining Bush left him a doubled debt.

Hi Jack–It may be that too much is never enough in this case. We can't get over the refreshing change of intelligence, concern, pragmatism and involvement. All without a twang. How about that last eight years–Wasn't that a bit much for you?

Jack, Again the republicans seem to be the ones with nothing to offer but criticism. These are extra-ordinary times, and nobody seems to have the"definite" answer. The old saying, "you have to spend money to make money", might be true. Maybe I am wrong, would not be the first time, but I believe the banking industry is already bankrupt !

Ok, to answer that...
Tell us what exactly constitutes Bankruptcy of our country, how that would go, and exactly what would happen.

Also, what was the threat to our nation from all the debt that the GOP rolled up? was that a major factor in our economic crisis now?

And, does all that factor in the expected increased revenue from GDP gains from the stimulus and repairing the economy?
As well as the expected gains in savings from investing in money saving projects...?

Thanks.

We went from over a quarter trillion dollar surplus under President Clinton to over a trillion dollars in debt under Bush and the risk of doing nothing far outweighs President Obama's plans to defibrillate the dying economy.

This country was already bankrupted when it came to the middle class and the poor.

Every Democrat running the past two times has sworn to balance the budget over and over again. The media has bashed Republicans along with the dems for their spending. So what do we get? 5 maybe 10 times the problem! and no Democrat bashing!

Jeff Crocket
New Britain, Ct

Your comment is awaiting moderation.
Let’s be accurate, Jack. The President cannot submit a budget to Congress, only the House of Representatives can submit bills about revenue. I rather doubt that the budget alone will bankrupt the country…the war in Iraq, the war in Afghanistan, the loss of tax revenues due to the GOP initiative to have the middle class pay for big business tax relief probably has done more than the budget. Too many fancy planes, too many toys, too much in the way of benefits for government officials…lots of places where there could be some cutbacks.

And weren’t you the one saying in a story a week or so ago that this budget is really a legacy from the end of the Bush Administration?

Of course his budget won't bankrupt the country !! He is a very intelligent man with a plan to change this country. You media goofballs and the Republican slackers need to give this guy a chance.

No, President Obama will not bankrupt this country, the last administration already did that. What President Obama WILL do is get rid of wasteful programs that don't work and put into place health care for everyone, a long overdue energy program for our future, and update our infrastructure that is sorely lacking. All the things that scare the daylights out of Conservatives.

Flint, Michigan

If Obama bankrupts us, he did it trying something. We were swirling above the drain before he started working on our problems. I was so afraid Wall Street would completely collapse before we got to January 20th to get Bush and his do nothing group out of the White House. Thank God we made it and now we at least have a chance.

Yes thats why we are giving up are small business and moving to canada. There is a little more work there and I can give my kids health Ins.. United State is a social country now anyway!!!

Tell the elected officials to give back all the earmarks that their states are getting and maybe that will help the Country not go bankrupt. If they are not giving back the earmarks then they should just shut the hell up and go with the flow and get down on their knees every night and pray that the Country don't go bankrupt.

No, President Obama will not bankrupt the country. Just the opposite. He will use the money spent now to create a stronger economy which, in the long run, will help us pay down the debt.

Umm...I thought we had a 1.2, 1.3 trillion dollar debt. I mean I personally was 1.2 trillion dollars in I'd be considered bankrupt already but we're talking a country here, I'd be willing to bet there's more countries in a deeper hole than we are. We just have sacrifice something for something else.

Scare tactics put out by the GOP, even some Democrats who may be up for re election, however, if you follow the train of events, the economy will improve, rich folks may start paying taxes for a change and the debt will start to be paid off. Obama doesn't intend to be a generational borrower, but those who are taking those big bonuses now and in recent months better high tail it because they will start paying for their greed through taxation. A lot of rich GOP's are fed up and spreading nasty rumors, but what goes around comes around, sometimes

President Obama's budget proposal will not bankrupt the country. We already are broke. His proposals are based on a sound idea. The question is will it work. The only way to find out is to try it. Should we try it? Well, we are already broke so what do we have to lose.

Jack, I don't think so. Never trust these projections, especially from congress. Obama has to do something now to clean up the mess Bush created. After a couple of years, we'll be back on track. Especially if we can pull out from these cash-bleeding wars.

If we go bankrupt it won't be because of Obama's budgets. President Obama started his presidency with the country nearly $11-trillion in debt. That figure alone could bankrupt the country if drastic actions are not initiated and followed up. This is what the president and his advisers are trying to do.

Jack, we were bankrupted by Bush and the Republicans. Most Americans and all the working class were totally victimized. It appears to me that the Obama administration might do the same thing, but at least we will get a kiss. An improvement at the very least.

First of all, I didn't know Judd Gregg was a prophet. Secondly, Judd Gregg must have been hidden in a shelter somewhere to not realize that this country HAS BEEN ON THE VERGE OF BANKRUPTCY for the last year. President Obama has done more in a few weeks to address this crisis and come up with viable solutions, than the previous administration (who GREGG agreed with and voted affirmatively with) did during it's entire 8 year tenure.

I feel Judd Gregg is a very poor representative of the people of this country. He is an alarmist fear mongerer who spends his time praying for failure, and trying to undermine President Obama's success in ending this recession and getting this country back on the right track for growth and prosperity. I've written Judd Gregg just today and let him know that his behavior is deplorable (for those who want to write him just google Judd Gregg and leave him a message).

To answer your question specifically, Jack, I absolutely and fundumentally DO NOT BELIEVE that President Obama's plan and vision is to bankrupt this country! He is trying to do just the contrary. He is trying to fix the economy and get us on a sustainable path of growth and viability.

Yvette

What do we expect? Jack, this "prediction" was from the weasel who wanted to be part of Obama's cabinet but then decided he was too much of a partisan to do so. Gregg assumes that there is no economic recovery from the increased expenditures. Thus, he is content to apply Hoover economics. In the end it appears Senator Gregg is still reaching around behind him to try to find second base.

I don't think so. However it might make some of thoes who whine sooo loudly wake up and stop being so greedy..I'm beginning to think this whole thing was and still is a plot to discredit the new President.

We are already bankrupt–the problem will be if our creditors decide to call in our loans.

Ive been waiting for that to happen for the last year! For the love of the Lord...Give him some time!

It depends on who you listen to. Even Ben Stein the doom and gloom master says the toxic assets are highly under valued and will eventually turn a profit for the tax payer. Why not ask if the complete hands off approach the GOP love would have caused a depression?

Sen.Gregg has NO credibility after his flip-flop Commerce Secretary fiasco!. The Republicans said the same thing about President Clinton who inherited a mini-crisis from Daddy Bush and him presented his spending program to Congress who yelled the same "Bankruptcy" crap that Sen.Gregg is doing now. President Clinton 2nd termed ended with creation of 25 million jobs and left President Bush with a $235 BILLION dollar SURPLUS!. The Republicans are good are rhetoric and have no new ideas accept tax cuts tax cuts and more tax cuts, which is NOT going to get this economy back on its feet. President Obama inherited a multitude of CRISIS from President Bush and whatever it takes to fix this mess then so be it. The Republicans were in the White House for 8 yrs and SPENT & SPENT for 6 yrs when they were the majority including those lovely tax cuts to the wealthiest Americans that added to the downhill slide of the economy and the deficit of which President Bush did nothing to stop it. God bless President Obama he will fix this economy and get the millions of jobless Americans back to working again. If it takes $10 TRILLION dollars to avoid a Depression then so be it. The Republicans should find a hornet's nest AND bury themselves in it-HEAD FIRST! There party was in the White House for 8 yrs that caused this mess!

If we don't do something major NOW, even though it means spending a lot of money, so much it scares people, there will be no economy to worry about in 10 years. Boy, this Judd Gregg guy was a ringer. Good thing he didn't get in the cabinet.

PS I love the picture accompanying this question. Haha, I have a hotel on Boardwalk and Park Place too!!

Jack; Who made Jedd Gregg an expert? You know what the definition of an expert is? "A man in a silk suit from 50 miles out of town carrying a leather brief case and wearing a gold watch."
People thought Bernie Maddoff was an expert. Remember?
Forget about Sen. Gregg and HIS media blitz.

How can he bankrupt the country when the Feds have spent over $11 trillion in bailing out the Banks and Fat Cats since Dec. 07? It is okay for the Republicans to spend, spend, spend when they are in office. Democrats have to spend in order to goose the economy that they ran down with their phony baloney CDO's and other instuments of mass destruction. They need to figure a way of fixing the system that caused this mess. Do the republcans have any message or answers other than "stop spending"? NOT a word when asked comes from their lips. They only say, "It's Obamas problem now." Yeah right!

Where were these same complaining people when Bush ran the country into a trillion dollar deficit?? These people act like Obama invented the economic crisis.... the deficit he inherited IS a stunning amount of money.
It is 'unconscionable' for Gregg to refuse a cabinet post, after nominating himself for it......then to sit on the side and throw rocks at the bailout plan. Once again, Republicans complain with no plans of their own, no alternatives, and evidently no clue either.

We're already bankrupt Jack. Of course President Obama's budgeted defecit spending which will be more than all the debt accumulated under all the past presidents from George Washington to George Bush combined won't help matters either.

Senator Judd ( the prophet), loved Bush's economic policies, and now predicts, "Obama's economic policies will fail". Sorry senator. your not a prophet, your a partisan.

Jerry N/Broken Arrow,OK

As long as vast majority of those who control wealth consider US Government debt to be the safest place to park their funds the government will not go bankrupt. Indeed, if push comes to shove the Fed's ability to declare an increase of US currency and transfer the bits and bytes to the treasury, the government will not go bankrupt.

Practically speaking, if the recovery efforts work and the economy recovers then revenue will increase, and Obama's plan to allow the Bush tax cut for the wealthy to expire will increase revenue even more. The search for useless and no-longer-useful federal programs (like "star wars") has yet to bear fruit.

If the economy doesn't recover, get the printing presses (and bit and bytes) ready.

Treasury Secretary Toxic Plan is similar to a course in Street Hustle 101. His plan is similar to Resko and SLS Mortgage scandal. Where a person, entity or in this case the government buy cheap property and resell it to make a profit. The only difference is the taxpayer money is being used to enrich the rich at the people’s expense. The government and private investors are benefiting. The question is who are the private investors. Rich people, white people! This will lead to geographical restructuring of communities and neighborhood. This will hurt black people. Gays and Rich-Middle class will benefit. Black communities will become white areas, same for Puerto Ricans, Poor whites, etc. The only people who can buy those properties are those that have money. This is like the Ponzi hustle with Madoff. This will lead to corruption. We the People wake up! American society is being hustled to favor political classes. Evenmore, Senator Dodd altered the stimulus plan and alleged no one new, if that is the case isn’t this what we call the criminal offense of forgery. The people are becoming suckers!!!! The Rep-Dem stop playing good cop-bad cop

Jack, Is this a trick question. President Obama has entered office with a preexisting National Debt of $10 Trillion. How could his budget bankrupt an already bankrupt country? We can't get ourselves out of this by freexing spending as some on the Right would have us do. We can only grow our way out.

You have a short memory my friend. The previous administration sank us into 40 – 50 Trillion dollars in debt. In order to clean uo the mess President Obama will have to make difficult decisions and take many calculated risks. Drive on Mister President, I'm behind you!

If that 9,3 trillion is the correct amount then I would have to say, it could bankrupt this country I understand the need to spend to stimulate the economy but this is way beyond stimulation. Cut the spending in Washington, it is out of control.

Judd Gregg is a Republican, right? That indicates that he lives in an alternate universe where Republicans determine reality according to their whims. Obama has explained that deficits must be incurred in order to correct the mess that Republicans created but he will cut spending and correct the tax structure to reduce them as soon as possible. Why Republicans are so united to try to undercut this administration is beyond my ability to comprehend. Oh yeah, it's that alternate universe thing.

Jack,

The answer is yes! The more we borrow from the Chinese, the more we become weaker. The FY 2010 budget, as currently crafted is far too big and far to much government spending to be helpful to the nation.

The President signed the OMNIBUS bill with the pork in it. He said that this occurred on the Bush watch so there was not much he could do.

OK, the FY 2010 budget is on his watch. For him to have credibility with the larger percentage of the american people (middle of the road folks, not rabid conservatives and liberals) then he has to step up to the plate and show the necessary fiscal responsibility that puts on on the right path.

If he does not do this, then he will lose credibility quickly. Right now most americans truly respect this man and have great hope for him. He in turnn has to show he can make really tough choices when it comes to spending.

Of course not – because the country is already bankrupt. We're swimming in trillions of dollars of debt that can never be paid back. We've been selling I-owe-you's to finance our reckless spending since the Nixon administration. The difference is that it's beginning to catch up.

No, it will save our economy. Americans "honor" sacrifice by the military but refuse to engage in it personally. Taxes and a reduced standard of living are the sacrifice we must accept for the excesses of a surprisingly large segment of our population and of our private enterprises. To not do what Obama has proposed and implemented would be far worse.

This country has been heading for bankruptcy for the last 8 yrs.. We have alot to do. But we can't do the same old thing. Pres. Obama can do anything he wants too. as far as I am concern. Nothing could be as bad as it has been for the last 8 yrs. Ask all the people who have lost their jobs and homes. And the rest of the country who can just about live with the cost of property taxes, food, health and utilities. I know no matter how bad it gets it;s not his fault. Atleast he is trying. And I know he truly cares about this country and will work to make things better.

Well....let's cut out the pork NOW!!!!

I know he said he had to send it along as is....but CUT THE PORK

It may not prove to be the all end solution, and we will have a HUGE deficit....but it is a good first step.

ummm, a little reminder, here. these republicans are responsible for the near-bankruptcy, of not only this nation, but, their party, and most of the world's economy as well. they need to go stand in the corner and take a 'time-out'.

Too much debt is a very bad thing. Our government needs to lay the groundwork for progress, but it must be realistic. The rich must pay more, but so should the poor. How can the poor lower the national debt? By changing their life style. Let's take health care as an example. Diabitis and it s treatment accounts for a large fraction of our health care bill. But diabitis could be avoided if people were to eat sensibly and maintain a normal body weight. The same could be said for smoking. Smoking related diseases account for another major fraction of our health care bill. But if people were to quit smoking that bill would go down. So if the rich can sacrifice, why can't the poor? Why can't the government insist that the price of health care for those who can't afford it is to maintain a health life style? If we come to regard health care as a right, we must also realize that rights carry a responsibility and a cost. Then and only then do they become affordable.

This country was headed for bankruptcy the minute former president bush started handing out excess government money during his first term. That money shouldhave been save for times like these, as well as a war inwhich the indiviuals who attacked us has yet to be brought to justice. I think the question every american should ask is should we put as much money into our economy as we put into the war we have financed the past couple of years?

No, too many fires have been allowed to burn out of control for too long. At this point, fighting only one or two fires at a time will never solve the problem.
Choices have to be made and priorities have to be set. Wasteful and unneccesary spending can no longer be afforded, but neither can we afford to keep ignoring the convergence of problems that are critical to the future. They are interrelated and dealing with them as such will prove to be more efficient in the long run.
It's pretty much like how all the people who have been layed off may have to spend money to find a job. You can't afford not to do it.

Of course it will bankrupt the country.If he does'nt bring back the manufacturing jobs that were shipped overseas, who will pay the taxes to support the budgets. If anyone out there thinks these politicians or corporate greed merchants care about our country, I have some land in the Florida everglades I'd like to sell you. You cannot bring this economy back to normalcy with out jobs. Workers pay the bills,pay social security, mortages, health care, insurance, taxes, etc,etc,etc., and with 50 million people either unemployed or working below the poverty level and no jobs to be found, IT'S NOT GOING TO HAPPEN!!!!!!!
Dan

Jack,

Republicans have always objected to taxes and that is why we are almost bankrupt. Those fiscally irresponsible tax haters have the nerve to call Democrats TAX & SPEND politicians - at least there seems to be a little more fiscal responsibility with the Democrats today by the Republican's own admissions! Barack Obama's budget WILL probably bankrupt us but it is not his fault - it's those "spend and don't tax" fiscally irresponsible Republicans. How did this happen to America? The parties seem to have changed places or at least their policies have been swapped. Oh well! Let's get on to this new world order and the new world government so we can see where stand!

no it just might help us get away from the wall jerks tha think they need all that money to live break them and they will find out they dont

Shrub Bush and Chaney beat him to it. Obama is having to spend money to try and straighten out the damn mess that dumb and dumber got us in. "AKA" Bush and Chaney.

Jack, we had massive deficit spending during World War II and we recovered from that. This is huge, like war spending but without killing millions of people and bombing their cities. Much better idea!

The last time I checked, the national debt had doubled to over $10 trillion. The annual budget deficit was over $1.3 trillion. What we got for all this debt is record unemployment, a national and world economic disaster long before the Obama Presidential Inauguration. The money being wisely spent in the Obama budget to get the economy growing again will yield positive results for many generations to come.

sorry Bush won that title of bankrupting america!–already–not Pres Obama

Jack;
It's extremely important to understand that these economic policies are not Obama's; but in fact, the policies of the people on Wall Street, and others, that he has somehow appointed to top cabinet positions.
The current collapse of world economies is the new "economic
terrorism" that is now taking place on a global scale.
The object of the game is to move the money "up the ladder!"

Jack, there's a saying, The economy as is; is bankrupt already. Those crying out loud were laughing thier way through a couple of years back. Sometimes when you have a clogged drainage system you need an excessive amount of water to get the system working effectively again. Thats precisely what the President is doing. The President said's they are identifing various means of paying for our debts, common people... Lets get to work

The budget is scary to be sure, and I don't know what affect it will have on our economy. Other countries may see us as weak, yes. The question is, "what other options do we have?"

When you are about to be homeless, but someone is willing to give you a loan (putting you in debt, but saving your life), you take it!

The US will recover, we are strong... we need to be motivated and see the light. Once we see it, we'll run for it and things will get better. Once things get better, we'll begin to pay down our deficit. It will take time...

We were bankrupt before Obama was sworn in.

Jack, there’s a saying, The economy as is; is bankrupt already. Those crying out loud were laughing thier way through a couple of years back. Sometimes when you have a clogged drainage system you need an excessive amount of water to get the system working effectively again. Thats precisely what the President is doing. The President said’s they are identifing various means of paying for our debts, common people… Lets get to work
Miami, FL

The country's already bankrupt! Give him a chance! I don't think he can do more damage than the Republicans and Democrats in Congress have done, merrily, the past decade or four.

No, of course not! We carried a bigger debt load during WW2, and that turned out just fine. We helped Great Britain get back on its feet, we rebuilt Europe, we turned Japan into a modern country, we sent gazzilions of GIs to college, and helped them to buy homes. WOW! Did that cost money. Then we entered into an era of prosperity like the world had never seen. I was a child during the war, but I remember that time well. Life was really good.

How come we keep hearing and seeing that the recession is 15 to 18 months old. Just this summer everone was asking if we were in a recession or not. It just seems to be an endless stream of spin it is no wonder we can not solve these problems, we can 't seem to tell ourselves or anyone else the cold hard truth of what has already happened let alone take an honest look into the future. It seems to me if you have spent to much money and there is none left than you need to spend less cut back and make do on less until you can make more money. Hey maybe i could try printing money at home and I could call it stimulus buy back cupons and then i could get my home (lost to foclusure) back.

The plan (not sure that is the right word) for the Feds to buy a massive amounts of toxic assets this week is scary. As the domestic supply of dollars supply expands to current projections of 15 fold by September '09 watch to see how inflation impacts their efforts to sell off these worthless instruments. The toxic waste floating around is not just the poorly exposed repackaged mortgage bundles: The waste includes over $500 trillion in unregulated, unsubscribed, undeclared, off the books, poorly understood derivatives that banks must be able to cover as this global tectonnic domino effect continues.This is real, and the path the Bushies started and the same path the Obamies are following are one in the same(under Bush the players were the perpetrators, and under Obama they are the rescuers), and destined to yield uber mega-inflation of spectacularly catastrophic dimensions.

Has anyone done a special on the reaction to Obamas presidency around the world. Interviews with elected officials and everyday people. I would love to know how peoples reactions have changed or not changed towards the US.

Doing “nothing” and proposing “more tax cuts for the rich” would benefit only the top 1% of people and leave the rest of us AND the rest of the world in tent cities and soup kitchens.

There are some things worse than bankruptcy, Jack.

The country was already broke when it was handed to him. He's playing chess while everyone else is playing checkers. It's a long term plan for a long term mess. Previous administrations have literally stuck their head in the sand when confronting real issues such as health care reform, the war costs, and entitlement reform. At least he has the guts to get out in front of it. If the naysayers have a better plan besides tax cuts, speak up. Being the party of no is not a winner anymore. The American people expect and deserve better.

Joy in Springfield, IL

Jack,
If the behavior of the folks on Wall Street, the corporations and our politicians is any indication I'd say this country is already bankrupt. Morally, spiritually and monetary. Besides what's another 9.3 trillian among friends?

Yes, I think Obama's budget will bankrupt the country. he's trying to get his tax and spend agenda put through while his popularity is high. The American people need to wake up before our dollar is worthless and you can forget about consumer spending. We won't have any.

The Repubs have already bankrupted this country. Our economy is consumer driven & consumers are not spending, so the government must, to keep us out of a depression. Pres. Obama's approach is the only plan put forth so far. I'm sick of seeing statistics showing that this great country is slipping in all areas, economy, education, health care,jobs, energy. We are slowing becoming a third world nation due to the Republican policies of the last 28 years. Its time to take care of our problems & once again put our country in great standing.

The American people are NOT thinking/worrying about how much the deficit will be in ten years, they cannot put their minds around trillions, billions or multimillions. Plus NO ONE can know for sure what the deficit will be. Americans are more concerned about what's going to happen the next day, next week, and when their 401k will come back. So the Repubs should stop lying, and saying what the American people are concerned about and start working on passing the budget.

Tony from Delaware

America is broken now. We keep spending the money of generation that has not yet come. America is about free markets. In a free market there is business that succeed and some that fail. A free market is not bailing out failing companies.

BK, yes very much in the future.

Maybe..... Maybe Not!!!! I know one thing for sure though. Atleast he is doing something. Doing nothing or far worse......continuing to blindly follow Republican leadership...... would definately bankrupt the country... Just look at what Republican leadership has gotten us in thus far...... Go Obama!!!!! Go!!!!

Saving a bunch of banks – absolutely necessary. Providing health care for all Americans – optional. Ending the hostage situation with foreign oil producers – optional. Providing kids with an education that makes them productive and competitive – optional. Now that the corporate handouts are winding down, it's not surprising that the recipients' bought and paid for polticians would start wringing their hands over deficits.

If the government is going broke, it's largely doing so in an effort to save a private sector that was on the verge of destroying itself at the hands of greedy, incompetent executives who were systematically looting their companies. I hope our collective historical memory extends back at least as far as last September.

Not bankrupt,but pretty bent for a long while,until the economic situation calms,and some of the Government plans have had time to do what they are intended. We need to have people back to work,and the economy moving strongly forward for a long period to avoid having us staying in this huge hole.

If we can get out of Iraq,and eventually Afghanistan,the monies we are throwing at those two wars,could be used to help lower the debt.

I've watched our country go up,down,up down for 67 years,and we always seem to come back. Hopefully it will happen again.

Jack, there are a lot of people who went bankrupt already – well before Obama took office. While it is an incomprehensible amount of money that is being spent, if it works, we will all be better off. Sadly, this spending is all due to the lackadaisical attitude our government has had the last 20 years. The reduction of regulations in the financial industry and the failure to address our national issues like infrastructure and energy have brought us to this point.

That appears to be the agenda.

NO.. Bankruptcy means someone has to forgive your debt. This will make us slaves to our lenders for generations.

I'm confused jack,
A week ago these same financial institutions and investors were evil, vindictive, greedy demons that are destroying america....now they're our saviors? Interesting...Obama and the other two stooges pelosi and reid should probably stick to something for more than a week, then its not as noticable and they can pretend to be outraged when something goes horribly wrong.

The answer to your question if Obama will bankrupt our nation is YES. This is self-evident.

Jack:

If a tree falls down in the forest and no one is around to hear it, does it make a sound?

Since President Obama seems to support the RIAA suing the public for $150,000 dollars a song downloaded, he could just ask them to bail out the nation.

Newsflash, we have been going bankrupt for eight years now, under the Bush Admin.Where were the senators thoughts when it truly mattered...

Jack,

I don't know and neither does anyone else. I do know that I trust Barack Obama. It seems to me that there is an awful lot of guessing going on and where there's not guessing there is short-sightedness. Reminder to intelligensia: A Nobel Prize does not mean that you are right all of the time.

Darrick

Jack,

Obama is too late.

Bush already did that.

Bankrupt I don't think so. Actually, Obama Admin is doing better job than Bush Admin.

Can't be done twice!

Jack,
I don't know where all these experts got their degress. But if I'm running a negative balance in MY checkbook, i'm already bankrupt.

Jack,

Let me be candid... I don't have any idea.

Jack –

Obama bankrupt the economy? He would be the last one to the fire sale.

stv

I would really like CNN and the media to explain the whole idea of bankrupting the country whether it be MediCare, our entitlements or OBAMA. Somehow I am getting the feeling the media is not doing its job in explaining the actions taken of the future generations. Sounds like the Iraq war all over again..

Entities like the AIG board and the prior administration have already virtually bankrupted the country. Paying high bonuses for poor work and sinking billions of dollars into private security and military companies who operate outside of the country.

Obamas plan is attempting to turn around the downward trend left by the prior administration.

Obama is doing just fine. You have to spend money to get us out of this awful situation President Bush put us in. If everyone would stop judging him he would be able to breath and work easier. Please give him more than just 50 or so days

I don't think so! This is an unusual and exceptional time, and unusual exceptional measures need to take place. This country is SO partisan now days that it doesnt matter what happens there will always be nay sayers. The Republicans will not admit ANY wrongdoings the past 8 years that brought us here, BUT fall over themselves to use scare tactics and try and place the blame on a president that is really trying. Give Obama time, it will work!

I've been saying Obama will bankrupt us before he was even elected. In fact, I said we had two choices...either elect McCain and go bankrupt in 20 years or elect Obama and go bankrupt in under 5. We may be the largest and greatest country to have ever exist, but we have limits. Obama (and the leaders before him) has taken us to the edge of those limits. If we don't reverse course now, bankruptcy in inevitable.

Whenever you live or operate beyond your means, you will go bankrupt. It's an inevitable fact...without a clear plan to pay off the debt, with guaranteed funds you will certainly lose your shirt. Well, it's the taxpayers that will lose their shirts. Our elected officials voted themselves a payraise, a 40K expense account and a remodeled office. I'm sure they'll have money to purchase shirts!

Jack,

Bankrupt the country!!! We are already bankrupt!!! Get your head out of the sand!!

Terry

President Obama's proposed budget is absolutely unconscionable. It's like he is in Vegas gambling with the country's money. His policies will bankrupt this country and it will never recover. Absolutely outrageous!

No Mr. Cafferty it will not..

We were already bankrupt.. for the past 8 years just being lied to about it..

Bush and the republican party took our money, hope and souls..

least President Obama gave us hope back and he will give us money back.. and that what makes the GOP mad.. not going to their pockets.. going to the American people

Tennessee

Once the hyperinflation sets in 5.3 Trillion dollars won't be enough to buy a cup of coffee. Why risk bankruptcy when you can just fire up the printing presses.

Do you think President Barack Obama would put forth a budget if it were going to bankrupt America. Sounds like Right wing propaganda to me. In case any one is paying attention, we are currently just beginning (maybe) to pull out of the worst recession since the Great Depression. Stimulus/recovery cost money. A lot of money. Should everything else stop until we pay down our debt? I don't think so. Obama inherited this mess, he'll clean up after himself as he cleans up after Bush and Co.
In a word, in answer to your query, the answer is NO!

I love how convenient the republicans find it to criticize solutions to problems they themselves created. Where the heck are their (The Republicans) solutions at?? Curtis Chicago

Most of us do not have enough knowledge of economics to even begin to answer this. The question becomes then, do we trust Obama and his advisors to know what they are doing. If there is one thing we know about Obama it is that he is smart. Let's give him a chance.

Jack,
I respect your journalistic ability BUT I have news for you .Were ALL going bankcrupt ,not just the government! EXCEPT for the CROOKS -AIG ,and the past administration!!!!

Of course there are people who want this measure to fail – if it starts to succeed then the Republicans can kiss a one-term presidency goodbye! Unfortunately there are those who don't look at the bigger picture, and who will only listen to the soundbytes of pessimism instead of waiting to see how things go before passing judgement. If those who are speaking against this possible solution had been so fiscally aware during Bush's presidency then these drastic measures would never have been invoked.

Katie-Anne, Sweden

You gotta be kidding me. these Republicans are talking like Obama wants to take a healthy economy and ruin it. The economy is already ruined. He's trying to keep it from going under for the next 50 years. Let's hope the public doesn't get amnesia. they have no credibility and should be hiding in shame instead of spouting off on TV.

Absolutely! The ferocious spending taking place is literally making me sick to my stomach. When I look at my grandson and think of the debt we are throwing on his shoulders I feel ill. This needs to be stopped.

OMG are you serious???!!!!???? I didn't know Judd Gregg was a prophet. NEWSFLASH: This country is a hair width away from being bankrupt as it stands. This, thanks to the last 8 years of the Bush administration. Yet Judd Gregg voted with the administration back then...why he was just fine with bankrupting the country for the last eight years. Now that President Obama has the cahoonas to take this economic disaster head-on with intelligence, insight, and resolve, Judd Gregg has the AUDACITY to make such idle, hateful, fear-mongering lies. Boy with rivals like him...who needs enemies?

Puppet Bush budget bankrupt the country, President Obama budget should help recover the country.By the way in the more than 65 days Obama has been in office he has worked harder that all of Bush's eight years.

I don’t think so! This is an unusual and exceptional time, and unusual exceptional measures need to take place. This country is SO partisan now days that it doesnt matter what happens there will always be nay sayers. The Republicans will not admit ANY wrongdoings the past 8 years that brought us here, BUT fall over themselves to use scare tactics and try and place the blame on a president that is really trying. Give Obama time, it will work!

No, America won't go bankrupt. Bankruptcy calls have to be made by creditiors and what would they have to gain? America has no net worth now!

Yes it will but these people live from day to day. They are not worried about what will happen in ten years. They will deal with that when it happens, probably by spending more money. We will know that the public has had enough when the public votes the entrie House and 1/3 of the Senate out in 2010. If the public does not do this, then the public gets what they deserve.

BIll Pirkle
Federal Way, WA

America is already bankrupt – the fed just keeps printing money to give us the illusion of solvency. All we need to do now is file...

Obame is not to be blamed for this mess. If he doesn't take action to help solve this economy mess, who else is going to do it? GOP needs to stop complaining because they are the cause of all these issues. If they have better plan they should propose to the president and work with him.

It's hard to fathom how spending my daughters tax money now will help today. We got here by reckless spending and more of the same is NOT the answer. Let these "Too Big to Fail" institutions fail! I can't believe we are even debating this.

So many people are bemoaning the fact that the AIG executive compensation contracts can not be broken. Balderdash – - none of these companies have any problem breaking the Union contracts of those who produce the goods, the sale of which funds the bonuses of the overpaid executives. Apply the same principle to AIG.

Jack, I'm glad you asked this question because it gives me an opportunity to state the point that most people are missing: the country is ALREADY BANKRUPT and was in that state BEFORE PRES. OBAMA TOOK OFFICE. Pres. Bush guaranteed that by creating wars and giving the very wealthy a tax cut at the same time. So, all those Republicans and others who keep saying that the president is creating debt that their grandchildren or next generation will have to pay need to realize that those kids would have that debt to pay even if the president had not put forth any policy or budget proposals while in office.

Nope not at all. Once the taxes kick in for the Rich, changing the Tax code and going after the Big Business that don't paid taxes because of the Loop hole. I sure we will be fine.

MMM? Jack,
Bush already make country bankrupt!!!!!

As an American living in Canada, I can only sit back and shake my head. What has happened to the freedom loving people who were willling to go up against the mighty redcoats. Our forefathers fought and died to ensure that we would be a free and independent nation and that we proudly proclaimed the government of the people by the people and for the people. We are still one nation under God not the government!

Sadly, the country is inevitably headed to bankruptcy. Our debts far massive and increasing. Our negative balance of trade means we will never be able to repay these debts, and the loss of our manufacturing infrastructure means this will not improve markedly.

The administrations plan is akin to Nero passing out fiddles to the citizens of Rome.

America is already bankrupt. We went from big government Bush to big government Obama. Basically, I oppose both political parties. Obama's budget will obviously create another credit bubble–though it may fix things temporarily–and then the dollar will be crushed. I say impeach Obama and lock Bush in prison.

Jack...Really....

When you've spent 16 trillion dollars more than you have....your bankrupt. Selling your debt to China?

Pricelesss...

If you remember, the GOP was saying the same thing when Clinton was turning the country around in the '90s. They (GOP) have nothing but complaints...the country's budget has been worst and not bankrupt. In everything this president's doing there's the good being done and the bad being said.

Nobody knows, least of all economists, whether the this budget is a EELE (economic extinction-level event). I've nothing against social scientists in general, but economists who pretend to know specifically what reaction that any one action will produce are deluded. Let's give this budget a chance, and deal with the consequences as they arise. I'm in favor of rather pragmatic solutions, and this appears to be one of those.

Toronto, South Dakota

Is he trying to bring this country to a complete stop....if we promise these banks to buy their bad debts why do short sales for the individuals trying to buy first time homes at realistic prices or is the $8000 tax credit a bunch of crap too....Why are we paying for the idiots who bought houses they couldnt afford – the lenders who got greedy and most of the true americans who are still paying their mortgages and bills and wondering why not refinance and not pay our bills so we canbe one big happy family and all share the stupidity that is going on – just how much money can he print.......

did anyone realize that the country was bankrupt when Obama took over as president? The man is trying his best while the Republican Senators from the South drags their feet on anything he does. They have not brought out any solid solutions. It has been their idot ways along with the previous idot we had as a president that has us in this mess. The people voted for a change. GIVE THE MAN A CHANCE.

NEIL

No Jack,

Congress will bankrupt the country! They don 't seem to have a "clue" about the dire economic problems swamping the country.

They just keep spending!! Congressional junkets and big pork projects just keep "rolling along".

President Obama's budget has a good chance. The folks we have elected to guide the country need to support him.

Where were the media when AIG chief Liddy was having everyone grovel to his $l.00 salary. Liddy remained the Board Chairman and continues to be paid board fees. He oversaw the disaster and now lacks credibility , no one called him on it. Worse CNN ran a story after he was on outlining the Board of AIG payments to Board members. WEhy the disconect

We aren't going to go bankrupt. The point is, we need to worry about this recession rather than try and balance the budget and get ourselves in trouble. This should be timely, targeted, and temporary and then we can focus on the debt.

Presidents Obama's budget is a welcome relief of honesty.... account for all the things that are likely..... unlike the BUSH administration ( stealth spending )... If we do not fix the problem.. we will end up a third world country..... run by shiek Chenney

The country was already broke when it was handed to him. It’s a long term plan for a long term mess. Previous administrations have literally stuck their head in the sand when confronting real issues such as health care reform, the war costs, and entitlement reform. At least he has the guts to get out in front of it. If the others have a better plan besides tax cuts, speak up. Being the party of no is not a winner anymore. The American people expect and deserve better. Come on let's be American and work together to get this problem on its way of be solved?

If anything our country is already bankrupt. Throwing more money steeped in debt to solve a problem of debt is a silly decision.

This President has rolled up his sleeves working hard to get us out of this mess. Those shooting down this plan should please outline the alternatives and stop whining like babies.

What are the other choices? I hear none. He consults the brightest people possible and listens to them. We elected him and now we must noow trust him. George Bush blindly led us into the situation we now face and he was followed with few questions asked. Obama is quick and unlike Congress able to handle more problems than one at a time. That is an unusual trait and I believe admirable. Shari

Jack: I have a good idea for an upcoming day. What would this country's situation be right now if McCain-Palin had won? Just a thought. I'll be watching for it this week.

What is bankrupt? What would that even look like? How much will we have to owe before we call it bankrupt? Maybe we are already bankrupt and just not admitting it to ourselves. Maybe the question is, will Obama's plans begin to lead us out of bankruptcy and back into the green or will they keep us in the red? And if we are so smart to predict such deficits in the future, how come we couldn't predict the loss of our surplus? We couldn't predict the bank and real estate problems. We couldn't predict 9-11 and we couldn't predict Iraq's invasion of Kuwait. Things change and we cannot know the future. What is Iran going to do? What is North Korea going to do? What will terrorists do? We can only do what we can, and hope for the best. My answer to your question? I don't know and nobody else does either.

NO, the country is already bankrupt. !!!!!
why so much antagonism to Health Care, Education and Energy investement, its about time.
OMG, remember Star Wars and Ronnies trillion dollar nukular missile budget. Now, That was a total waste of money!!!

Retroactive taxes harm many people and punish those that are innocent. A good example of a law being applied for a good reason that wiped out the pensions of millions was the UK Labour Party passing a law to apply a “Windfall tax” on the UK private pension funds. The UK government levied a $20 billion tax on the funds, the funds collapsed and investors turned away. I saw my pension drop from an estimated $75,000 a $12,000 and it has never recoverd! Why did they impose the Tax? To increase spending on the Natiuonal Health System.

Mark Elliott

Sen. Gregg is correct in that this dept will hurt our country in the long run. But cause it to be bankrupt, and our money to be devalued? He (Gregg) needs to catch up on the news, Congress succeeded in bankrupting this nation years ago. I used to see in the papers a post of what our dollar was worth against a 1930s, than 40s, than 50's etc. dollar. That went away when we hit the minus column. Today they can do the same against yesterdays dollar.

No. If American people willing to pay more taxes then the Govt. won't have to borrow. When the Govt. spends money, money will go into American people pocket, directly or indirectly. The more Govt. borrows and spends the more Americans will be richer. In 1985 we had 13 billioniares but now we have over a 1000. When you have trade deficits, the money has to come from Govt.

gee jack i thought that just occured.......you mean were not bankrupt?
i thought taking over the largest insurer in the world....passing a trillion dollar stimulus package. with another one on the way ........bailing out the crap-bags on wall street and selling anything here in this country to china that isent nailed down was indicetive of this country being bust.
i guess im wrong..................jack can i have a loan......i need new congas
george
chester,ct.

Jack,

If the system works the way it's supposed to and the LAW MAKERS READ the bill, I don't think he'll be able to.

Don Peterson
Gastonia, NC

its to late we been bankrupt for the last 8yrs (you aint no where u been jack)

Jack, The country is already bankrupt. George Bush spent us deeper in debt then any other president in history. It's amazing how many Republicans can talk about how irresponsible Obama is after only 60 days in office and still think Bush hasn't caused this mess over the last 8 years. Give the guy a chance. How would ANYONE like to follow this Bush disaster?

How do I answer this... yes, yep, yeah, si, ita vero, DUH

Jack, I thought the country was already bankrupted. This sounds like typical Republican fear mongering. The economy has been on a downslide for more than two years. This plan may have to be tweaked as it goes along. We need to do something. Where are the Republican proposals. The Obama administration has been in office for 2 months. The Republicans don't like anything this administration proposes. Where are the Republican proposals. I think it's time for them to put up or shut up.

Bush had been borrowing from foreign banks to finance the Iraq war after his so called tax cut. That is a cause of the present problem. Where in hell was all the Republican voices then. They can go soak their heads in the stool for all I care. Doing nothing will sure as hell put us in the tank. I say let's go for it. What do we have to lose?

Many of the big ticket items in the budget are investments that will reap rewards in the future, like energy independence and genuinely reformed health care. These things are not cheap, but will pay for themselves over time.

It is like any business start-up – you need to take risks early to succeed in the future.The question is: do you believe that America is worth that risk? If it was a business start-up, would you invest in it and expect return? I would say yes, but only if it commits 100% to what it has set out to do. If not, it could end up just another waffle franchise that couldn't get off the ground. The difference being that this would be a waffle franchise largely owned by China.

If you thought fomer President Bush was a big spender, when it comes to spending and the budget, President Obama would be Bush on steroids!.

L.E. from Virginia

No. Our current health care system will bankrupt our country if we don't reform it drastically. If we want to balance the budget, all we have to do is tax the pants off of every millionaire in this country. Something we should have been doing the past several years.

This must be a joke. Have you forgotten that under the Bush Administration we were already bankrupt? Obama doesn't actually have a 'presidency', it's just a clever way of calling it The Bush Recovery Plan.

If anyone thougth we were gonna get out of this mess on the cheap, were more than likely closer to the problem than solution. It is what it is. By the time all this debt is due, the GDP may very well be in the tens of trillions. If your going to look into a crystal ball and predict doom, at least leave some wiggle room for a rainbow.

Jack,
When you have people "running" the country such as we have now that have never "run" any kind of business where they had to be responsible and make a profit it's easy to see how fast can "run it" upside down quickly. Not one of those bozo's read any of the 9000+ pork handouts, they just went ahead and ran it through and passed it. Now, they are all looking to blame someone else.

The Government's credit card it way over the limit. When we (consumer) go over the limit we pay a fee, and if we can't pay the bill we go bankrupt. What make you thing it couldn't happened to the government? This government is already on a debt it can't pay.

Maybe, but the cure is no worse than the disease!

No more then if we kept the Bush Policies

Absolutely! The ferocious spending taking place is literally making me sick to my stomach. When I look at my grandson and think of the debt we are throwing on his shoulders I feel ill. This needs to be stopped. Obama's spending more money than Bush ever dreamed of. "Just doing something" is not always better than doing nothing.

Thorp, WI

Hello Jack,

Do any of the R's believe our economy will revive and survive and then pay back all the $$$ that we've blown on this recovery? Where is the Patriotism and Faith in the American people to do the right thing. It's only the mindless ones who created this God awful mess who are downplaying the possibility of survival. They don't want us to recover that's why the big "NO" is all they can offer...no plan!

only rich people are thinking about future. We owe trillions to other country if they ask for that money now we are bankrupted now. So what different dose it make now or later

It's just the newest Republican negative topic. If the Republicans could really predict the future just think where we would be today. Since no one can predict the future, I am grateful to have a very intelligent, strong President who is actually doing something towards making the future better.

My bank is paying me less than 2% on a CD because they don't need MY money as MY goverrnment has loaned them MY money for 0% interest. ???

He'll just add to the bankruptcy due to the Iraq war. He should maybe rethink that 90% tax on bonuses, and not just AIG – all the Wall Street bonuses.

The Republicans are very quick to crticize and give their opinions about what won't work. I haven't heard one new idea or recommendation come from the Republicans. Either they have no ideas, or can't express them beyond saying "lower taxes". Any concept beyond that appears to be beyond their ability to develop or express.

No, he won't bankrupt the country. And, we either make the necessary investments in education, healthcare, energy, and science, or we'll be a third world nation in 20 years. this is no different than taking out a mortgage on a house or getting a student loan.

Jack,

I have mixed feelings about this. It appears President Obama is trying to catch up concurrently what Presidents failed to do over the years. He trying to repair all the infrastructures, health care, immigration at the borders, regulatory and fianancial syste, etc., that were neglected over decades. Perhaps he should do as all the former Presidents did in the past and concentrate on starting wars and repair the infrastructures of other contries.

Herman Perkins
Alexandria, VA

Spend now for our future or spend later and risk losing our edge..Jack I'd rather spend up front now for the future then to spend later when the price of paying for these required adjustments will be higher..after all, if the republicans and their allies had put more emphasis on change as they claimed, we wouldn't even be in this rut...they spent too much on a war that we didn't need, betted to much on the market regulating itself and put too much stock on those at the top for creating jobs...the jobs went overseas to cheaper labor to increase the top 5% income and the Iraq war and the deregulated market have taken our surplus into a deficit that must be fixed by spending money to get us out of it...Now you tell me what's worst....

President Obama's budget is not to big. You see Jack everything from healthcare to education is all loaded in the budget. If President Obama doesn't fix healthcare and education rigth know he wont have a chance a year from know. If you think about it everything is too big for the GOP. Obama said things on the campaign trail I think the GOP didnt here him. When President Obama said we are going to take big steps well to the GOP this is one of them. So Jack there either with us or the GOP will get left behind that simple. Know is not the time to run like we have done the past eight years we want change and we want it now.

It’s a very scary thing! The country is going through extremely hard times and everyone is affected by it. Drastic times call for drastic measures, right?? Hopefully all the pieces to the puzzle will come together and the country will survive. What exactly would happen if the country goes entirely “Bankrupt”?

We were bankrupt when Obama took office. Bush saw to that. Now Obama has to try to repair our economy. It’s not going to fix itself, as Republicans think, and it will take a combination of fixes in several areas to get us back on track. It’s like overhauling the transmission on a car that also has a blown engine and 4 flats. They all have to be fixed to get it back on the road and our economy needs them all fixed at once as they are dependent on each other.

Can anyone tell me why there is so much hope in B. Obama? He did not have the skill or resume to be making business decisions of this magnitude. We did elect him in but lets all agree, a CEO he is not nor did he have the resume to carry this off. As for his pick in Geitner, there is another obvious show of his inexperience.

Remember that there was a mention of facing a “world event” early in his Presidency mentioned by Joe. I think this is it.

No, the country has been bankrupt for a long time. The income from taxpayers doesn't service the current debt obligations it already has. This fiat money has not worked and never will, it's time to bring back the gold standard, abolish the federal reserve and let our government print money with no debt attached like it was designed.

President Obama is using his political capital to push through a mammoth social agenda that would not be broadly supported if introduced over a period of time and absent the current economic crisis. I fear that the country will not be able to support, over time, the huge capital outlays proposed by the current administration. Political agenda is trumping common sense. The goals are admirable, but only if sustainable. Taking away later what is given today, in order to secure fiscal responsibility, will be all but impossible. The public wants without understanding the responsibility to pay.

I do not believe what President Obama wants to do will bankrupt our country. Instead I believe that his long-term plans are going to make our country stronger and we'll be able to pay off the deficits once his plans take root and grow. We simply must reform regulations on Wall Street and the financial institutions, reform health care so companies are able to compete on a level playing field globally, develop clean energy technologies so that we are no longer dependent on foreign oil and not looking to destroy our last areas of pristine wilderness in pursuit of oil that will only last a short time. I support his agenda as he knows that all these changes have been needed for years and the time has come to address them.

NO Jack, I don't think President Obama will bankrupt the country. Just the opposite. I think President Obama bill bring this country back to an economic strength and viability that we haven't seen in quite some time. We are now taking the moral high ground, becoming a beacon of light to the world, and becoming a leader in the economy, science, health-care and education as well.

I'm sick of all this harrassing that the GOP is doing to President Obama. My God, the man has handled brilliantly more in the last six weeks than GWB did during the last eight years.

No. Jack I don't think it will, but I do think we as a nation we need to give him more lead way, and much more time I mean it takes me 23 minutes to get to work, guess how long it takes me to get back home ? think about it

yes it can and yes it will !!!

thanks obama !!!

Did we all really think it would be cheap to fix this mess. We finally have a president who might have all Americans best interests at heart, and we demand that he not only fix in a day what took over eight (8) years to mess up, but fix this country by getting a cheaper deal and do it in under 100 days in office. Is that all? Geez., I really miss the last administration. They did what they want, when they wanted to do it and could care less what the American people thought... Actually, where were all of these people; Screaming at the top of their lungs when our tax dollars went to funding the War in Iraq and other questionable dealings?

The country is close to bankruptsy now, if we don't start to change the helth care system in our country, our citizens will continue to bankrupt themselves in increasing numbers and that in turn leads to total decay of the countrie's financial stability. the same goes for the infrastructure and green energy initiatives, only with the latter, the planet goes to heck. We need large scale change now.

This will most differently going bankrupt the country. Lets not forget that
Obama is not new to congress! This is a fault of both the Congress,
and the Senate. Its time they take responsibility and quit blaming
someone else.
Its time Obama stops campaigning and gets to work.
Perhaps he could read a book on economics .

I guess if you talk long enough people are dumb enough to listen. Talk is cheap. I am glad that I am a senior citizen and will not be around to see what is going to happen to the US. Watched the stock market go sky high today but when you are that high the only way you can go is DOWN. The stock market today sure looked like a set-up to me. The housing market may be up but nobody mentioned that the Chinese and Japanese are the ones buying our homes. In the last book of the Bible it says we will be overcome by the YELLOW people and guess who they are. I wish that I could take back my vote because the president is in the idea that he can do ANYTHING THAT HE WANTS. Too bad for my grandkids. I hope that in time we will have enough paper money to put in a wheelbarrow for a loaf of bread.

It's time that this country FINALLY pro-act to problems. Without energy reform we will remain hostage to rising oil prices that will bankrupt individuals. Without health care reform businesses, especially small businesses, will go bankrupt or stop offering benefits. Without education reform our children will not be able to earn a living. Manufacturing has all but disappeared from this country and our children will be forced to use their brains to earn a living, not their hands. Households stay within their budget, but take out mortgages by keeping the monthly payment within thier budget. We need to pro-act and INVEST in our childrens' future by offering them a real chance at success.

Are you kidding?We're already bankrupt. I hope the Bush adm. is enjoying the fruits of their hard work. Let's make all Americans homeowners,Iraq,foreign affairs, Katrina....give me a break. I truly appreciate seeing my President giving me updates,options, answers on a daily basis. We need to roll with the punches and change as often as necessary to keep up with these tumultuous times. Bravo Obama !!!! I know we're not there yet,but we are Americans, we've been through worse.

I guess imma little confused. Is that budget, you know, the one that is gonna bankrupt the country factor all parts of the story. Does it include the money, that we will get back from all the reform programs that obama willl have or is it stil based on the taxes and the amount of money going to the government in today's time, becuase we alll know that the govt is not getting a lot of money because no one is buying anything ( sales tax) people dont own homes (property tax) and states having to pay more into food stamps and unemployment. I wish they would tell the whole truth instead of skewing the facts that make Obama, a man who wants to help us, sound so bad.

I do not believe it will bankrupt the country. We need the cash to start flowing. If we can start businesses and get alternative fuel sources going we will not only pay back all debt, but will become a leading financial country again.
What we have to do is stop all the bad talk, and get those who are saying negative things to stop now. The country doesn't need some crook telling them that our mission is doomed.

If Gregg could forecast the outcome of the Obama Budget, why was he not able to forecast the current economic situation. He is just a hypocite like all the other Republicans in Congress who went along with Bush's arbitrary spending plan and now criticize Obama's plan to spend money WITHIN America for Americans.

Come on...Give me a break! Aren't you people listening to the President at all? He wants to improve the efficiency of the heathcare system that will save millions of dollars as well as create a new green energy industry! He also said that he has found 2 or 3 trillion dollars of unnessesary spending in the old Bush budget. I am so sick of all these opinons!!! Just listen to the President talk and you will hear exactly where he is coming from and who he is working for....the american taxpayer! Of course big business and conservatives are making alot of noise!!! It's not business as usual!!! Which is exactly what President Obama said he was going to change...that's why the american people voted him in!!!! God gave us two ears and one mouth for rerason! Listen twice as much as you talk!!!!

Yes, without a doubt. This country is endanger of going bankrupt and losing all the freedoms we hold dear with our current administration.

These bailouts by Obama are just their way of offering the banks and AIG the funds so they can privatize the profits and make the risks socialized ! Under these conditions every firm will take the most risky investments as long as the feds continue to spread the risks among the consumers! Since NYS law requires all insurance firms in NY to set aside sufficient funds to cover any and all claims for each policy,why hasn't the state attorney General pounced on AIG for failing to comply with state law? Since Obama has received over 100K in donations from AIG why isn't the US AG investigating why this isn't another influence peddling scheme or worse? Are they all in on it? With over a 9 trillion dollar deficit what else can happen but complete bankruptcy?

No. This country has been bankrupt for a long time. Just because we are starting to see how deep the hole really is dosn't mean it wasn't already a deep hole.

American's need to wake up, and we need to wake up really soon......what we need is a Congressional Budget Office assessment on how much gold the United States Treasury currently holds in our mints to borrow against. One last prediction was about $5 Trillion.......given that we are now looking at $8-$9 Trillion in spending with this administration, I believe even our kids could figure this one out.

What boggles my mind are the citizens of this country who say doing nothing is not an option.....why not? At the very least "doing nothing" will save this country trillions and how can that be a bad thing. Companies, businesses, banks, and factories that are not viable, who have been living on credit for years, need to be given the chance to go into extinction. We, as citizens, will never see the money again from the banks, the insurance companies, the auto makers.....and now this administration wants to the "general public" to buy into "toxic" plans.....are you kidding? Now our government is buying and selling crap......the very same instruments that contributed to this mess, at auction prices.........oh yeah, we'll be making millions, billions, trillions on that deal I'm sure.

It's very clear to me now, President Obama was not ready for this job, we're now the victims of On the Job Training, and his USA checkbook is beyond Nixon, Carter, Regan, Bush, Clinton, Bush..........and we keep on accepting it as "necessary".

Soon, our citizens will be in the streets demanding more assistance from our government just like those millions in France......marching in the streets, demanding the country take care of them......that's where socialism takes you folks.....and I hope you enjoy the ride....because right now you are doing nothing to prevent it, and we should be ashamed as Americans.

Jack;
we were already headed to being bankrupt before Obama. I have faith that we will get out of this, time will heal.

Why is it that these people responsible in tearing down our economy are not in jail? I would think they should be charged as terrorist. For they are just as bad if not worse

No, Jack. Obama's budget won't bankrupt America. America is already bankrupt. If we weren't, why would be be borrowing so much foreign money? Why would my 401K drop 40%? Why would unemployment be spiking? Why would banks stop lending money? Doesn't this already sound like bankruptcy to you?

By the way, is the opposite of toxic assets, golden liabilities? Why must our government use these ridiculous euphemisms? Maybe our debt to the world should be called golden liabilities.

Yes this kind of deficit will bankrupt the country over time and you can bet we will ALL be taxed excessively. This is his opportunity to pass his Socialist ageda.

Something stinks. The govt delegates its constitutional right to issue new money to the Fed. The Fed creates new money out of thin air on behalf of the govt and then loans it back to the government, buying government bonds (as they announced last week) or toxic assests, etc. and the govt is indebted to the Fed ?!? Huh? If there was no Fed the govt would issue the money directly ... would it then buy its own bonds and pay interest to itself then?

Obama's budget isn't going to bankrupt the country Jack, we've been deficit spending for 5 decades, and doing it in earnest for the past 3. The real difference here, aside from the volume, is what is being targeted by this spending in addition to the immediate financial concerns- alternative energy, health care reform, infrastructure improvements, environmental protection. These are all areas that the past 4 administrations have put on the back burner to be addressed sometime in the future by a president more interested in long term benefits for the country than in their legacy. It looks like the future has finally arrived.

Bankrupting our country was what GWB was trying to do, trying to put this off on President Obama is ludicrous. People need to pull together and allow this present administration to try to rectify the damage that was done before he took office. The results I'm sure will be much better than what this country was handed prior to 1/20/09.

Damn jack ! this s news to me I thought we was already bankrupt, and borrowing on bad credit?You mean we haven't hit bottom yet?could have fooled me.By the way I'm a disabled veteran viet nam and been on disability social security since 1999 and the V A thinks I'm able to do some kind of job at 65 years of age.With 2 bad legs, a bad back,hard of hearing from jet planes. I can't get any help, but help those banks and insurance companies. I'm just one person not to big to get let down,Or ignore my problems. Maybe they think It's cool to let veterans suffer.and help big buiness

Will be bankrupt??????? we've been bankrupt for years with all the credit we've been living on, now all the :markers" are being calledi in. I feel sorry for Obama, there's no fixing it this time, at least not for years to come

How can you bankrupt an already bankrupt country?
The worst President Obama could do is to start another wasteful government organization like Homeland Security.

Yep! At face value. I'm not in board rooms. I'm not at the Treasury Department. I am not in Congress, Geneva, London, Istanbul, Cairo, New Delhi, Tokyo, Beijing, Paris, etc.. It's possible that the World Wars settled many of these bones of contention. Just like at the beginning of this country with the arguments of Central Banking. Perhaps many of these things are known and understood among the decision makers with care to needs (populace and environmental) and long-term demands. As long as the central banking remains responsible, vigilant and trustworthy as the central compliance to the world. The one thing I know is that I don't have any of that acce$$! Bummer.

Andre R. Newcomb of Sierra Vista, Arizona

This amount of debt should alarm anyone, but what alternative did 'W' leave us? These Republicans are so out of touch they're saying the dollar "will" be devalued. Were they not paying attention to the news when the Canadian dollar passed the US dollar in value a year ago? Pretty soon the Peso will be worth more and we'll see reverse illegal immigration. I'm heading for Cancun!

No Jack it will not do us in.This budget will help get us back on our feet,help create jobs and help losing homeowners. Yes ,we will have to raise taxes in the future, and hope they hit the ones making the most hardest. Some call it wealth sharing, but I say for all the years(the last forty) in which we have been given cost of living raises at a percent instead of a dollar value,which meant getting 750.00 while the BIG GUYS got 6000.00.Let them give more back.

What bothers me about these pundits and political analysts is their blatant hypocrisy about the whole issue. Bush spent 8 years the country down this crisis with his tax cut to the 5 % most highly paid individuals in the country, then spending billions of dollars in a war that should not have been. I don't hear anyone talking about the cost of the war and its economic impact, but everyone is crying about Obama's economic plan. Well here is the deal, it took a long time and trillions of dollars wasted in Iraq, with the additional mess created by the AIG's greed to get us where we are today. Hence, any reasonable, intelligent individual should expect it will cost a ton of dough to clean that mess.

And by the way, I will buy your latest book, but I need it autographed by you. So why don't you send me a signed copy and I will mail you a check. Let’s see how trusting you are.

Of course the Obama budget proposal with bankrupt the nation. However we shouldn't be worried about what the policies will do, but rather, why they are being passed! We should be asking ourselves why every single policy decision by the Obama administration has been aimed at appeasing an incredibly small group of special interests (a.k.a the so called 'to-big-to-fails' and the corporate executives.)

Why can't the media tell us about things that truly matter?
what about Joe Cassano and the AIGFP?
what about the CDO's and CDS's that allowed this meltdown to occur?

how come we don't hear about these things?

Why cant we have an honest objective media??

I think with the amount of bail outs going on they're already bankrupt

The CBO estimate doesn't have to be correct, the numbers are so astronomical that even if they are off by 50% it will be a disaster. But I doubt they have ever been off by that much.

Thanks to 28 years of stupidity by our elected officials we now have to pay the piper. No matter what we do with the budget, our children will pay. The only question that makes sense is "While our children pay, will they be living in a society that offers opportunity, education, accessible health care, and hope or will they be indentured servants to the few that are wealthy?"

Obama’s budget? That’s simply a reflection of how much it will cost the country to clean up Bush’s mess. No wonder Republicans are so mad. It’s all still on them, so they better pray it doesn’t bankrupt the country!

Jack, Just heard Wolf say that 15 of the top 20 executives of AIG are returning their bonuses. Are they returning the money to the American tax payers or back into the coffers of AIG until they figure out another way to get the money back into their wallets? Richard in Toledo

Jack, President Obama and his team are working hard to deal with the recession, it's human impact, financial crisis and rising foreclosure in the short term. The question is once the economy stablilizes, what exactly will drive the next economic expansion since Iraq war will end (reduced defense spending), inflated home price will not drive the economy and financial industry anymore. Like automobile industry drove our economy once, Information technology drove the growth during 90's, we have to find the next big thing to make in the USA. That's why Obama talks about green job and healthcare reform to make manufacturing in US more competitive and education reform to make our children more competitive in a gloabl economy. Yes they will cost money to build a lasting economic progress that will be shared by all people. It's costing money now anyway but just to rescue the economy from bunch of wall street robbers. We are bankrupt anyway. I will build a better country on a strong foundation for the next century even if it cause some pain in the short term.

It might. I have a real solution for the economy, the heck with the bailouts for banks, give each taxpayer that makes under $150,000.00 a year $10,000.00 – $20,000.00 and everyone will start spending again. Some people will save some of that money and some will pay on loans and credit cards which in turn will help the banks. Some people will fix up their homes, buy cars, buy home furnishings and so on.... you get the idea. It sounds like a win – win situation !!

Jack The cupboard is already bare!

And to add, for the record, to all ignorant, narrow minded, hateful, blameful people out there posting on this thread. Bush did not bankrupt America. I don't care if you are saying it as a joke or are just actually stupid enough to believe that, its not funny and not intelligent . Just because conservatives were wrong DOES NOT mean Liberals are right. Obama's policies are wishfully even 'hopefully' at best but i would not consider then practical. The stimulus is nothing more than generationally theft.

Jack,
It seems to me that this country has already been bankrupt by the previous administration, so to say that Pres. Obama's budget will bankrupt the country is absurd. The republicans need to SHUT UP and watch the Obama's administration implement there plans to lift us out of these mess. Yea, health care, education, and energy reforms are desperately needed!

G

The Bush 650 billion bailout was for the same assets, the Obama bailout was for the same assets, now the budget is also buying out the same assets. Who is kidding whom here. Thats how the Weimar Republic handled monetary policy in 1920's. The population should turn all their light out at night, cling to their guns, and pray a lot. Only the trinity comes to mind. Recession Depression Repression

Jack, I can't believe that we finally have a brilliant forthright President with a plan that will, over time, bring our country out of this mess left by the last administration, and help the Country and the people both in the short term and over. the long term and all I hear are Republicans (who want tax cuts for the rich and free markets, meaning no regulation) and Democrats who want more, more and still more. Our President came into office with problems so serious that no one else knew what to do. He hasn't been in office three months and everyone is yelling about how he is screwing it up. It was screwed up when he got here. He has done nothing except put plans in place to fix the economic problems, give us all health care and put us on a path to be a more green planet. Give the man a break. When someone you love is run over by a truck, you don't complain about the cost to save the patient. You do what needs to be done and pay for it later. Our country is going down the toilet and we need to hear more voices reinforcing what the President is doing. Thanks for letting me air my thoughts about this..

Glen in Illinois

Is anyone paying attention here? What did Obama say just a week ago? BE PATIENT!

Those figures are trended based on our current spending trend. Thats 2008's plan for 2009 (Bush's plan mind you) PLUS the two wars going on (curiously withheld for years, now brought to light by a true transparent White House) PLUS the bailout money for the morons in the banking business. We WILL NOT be spending this kind of money again, so when a REAL OBAMA budget comes out in a year those figures will drastically decrease. Stop bashing Obama for his handling of government money when he hasn't even really put on the keys to the money Vaults yet!

Your comment is awaiting moderation.

What bothers me about these pundits and political analysts is their blatant hypocrisy about the whole issue. Bush spent 8 years taking the country down this crisis with his tax cut to the 5 % most highly paid individuals in the country, then spending billions of dollars in a war that should not have been. I don’t hear anyone talking about the cost of the war and its economic impact, but everyone is crying about Obama’s economic plan. Well here is the deal, it took a long time and trillions of dollars wasted in Iraq, with the additional mess created by the AIG’s greed to get us where we are today. Hence, any reasonable, intelligent individual should expect it will cost a ton of dough to clean that mess.

And by the way, I will buy your latest book, but I need it autographed by you. So why don’t you send me a signed copy and I will mail you a check. Let’s see how trusting you are.

We have to do something to get out of this mess that the previous administration got us into. Do all the nay sayers have anything better to offer other than sitting on our hands and hoping that the economy either miraculously regains stability or hoping that it will just bounce back without putting any money into it... Or maybe we should just let everything fail and then see where we are... My sense is that you shouldn't complain about wasting water while the fire is still burning.....

Bankrupt the country……..no Jack, China will start placing their flag on American soil. The US already owes China millions of dollars and what will happen if China calls in its loans to the US and we can’t pay. I believe this is the same as loan sharking and everyone knows what happens if you don’t pay the loan sharks.

let's see! The Republicans run up the deficit, run down our standing in the world, misrepresent who we are TO the world regarding our moral responsibilities, AND " knee jerk" all the Bush spending bills. NOW after less than 60 days this will be OBAMA'S deficit????? Don'tcha just love politics??!!
Rob
Rochester, MN.

Commenter Jeff Youngblood above called this "The Bush Recovery Plan" oh my, if it weren't so true that would be the funniest thing I've heard in a while! Kinda puts things in perspective.

But Jack isn't the country already bankrupt? The Federal Reserve is just printing more money to bail out large companies. I haven't been bailed out of anything. It just doesn't work when I tell creditors "The debt is toxic.Get your money in the next wave of TARP money." And imagine if my employer told me that on payday!!

TJ in Phoenix AZ

Now you see why the Republicans is Congress must be voted out!! Say No the No-Anything Republican Candidates when its time to vote. Now you see who is really about the people. And you idiots that are fighting and going along with Congress. I cant wait to see you at the unemployment lines denying you sided with these crooks

We are finally getting some badly needed things done in this country, I for the first time in my 57 years on this earth is seeing what GOVERMENT working looks like.. Bush bankrupt our country in so many ways there is nothing left but the fixing part.

Of course the proposed deficit will bankrupt the US, if it goes unaddressed, as it has for the past 8 years. The President has already pledged to deal with this issue eventually, unlike American leadership of recent, including the likes of Judd Greg; who NOW seems to understand that deficit and bankruptcy are a BAD thing. What Gregg and others have failed to acknowledge is that America has been bankrupt for years, "morally bankrupt" that is why we are where we are. Some day we should add up those numbers...and names, instead of looking the other way when the numbers don't add up.

John McColl
Branford Ct

Christina Romer's comment is the most revealing: "...the estimates by the Congressional Budget committee may not be accurate."

How reassuring. Can we be a little more specific? Or, concerned?
And she is the head of Obama's Council of Economic Advisors?
Yes, we're in trouble.

Wow, I can't believe that the self-righteous Republicans think that Obama is going to bankrupt the US when they have already done that, and took the rest of the world's economies with them. I wonder, do any of the GOP's braintrust really see the collateral damage from 9/11? Bush went after Saddam, and all of a sudden it seemed that ousting him and looking for Bin Laden seemed more important than making sure people had enough to pay their mortgages and had good paying jobs... Bin Laden doesn't need to attack again... big business and the right wing nut jobs are doing it for him!

I am a conservative republican and I can truthfully say no and I am behind our president. Yeah sure its A LOT of money, but no one seems to be able to come up with anything better or no one has the courage to come up with anything better. If all this spending does in fact fix the economy we would then have the tools necessary to create a surplus that would eventually fix our deficit. It won't be easy but heck it never is, I don't know why everyone is complaining it's all of our faults (all Americans) that our economy got this way, instead of pointing fingers at Republicans and Corporations and vice versa we should all band together and face this problem as one nation like we have in the past, it worked then and it can work now, maybe our Senators and Congressman should stop being so greedy about their seats and their precious ideologies they cling to and do what they were elected to do - serve the American people.

Tulsa, Oklahoma

It depends....If you're clear thinking, realize this is the worst economy since the 1980's not the Great Depression, and know this mess is a creation of both democrats and republicans, then yes it will bankrupt the country. If you are charmed to the point of hypnosis, believe President Obama is just getting started, inherited this mess, all the republicans fault etc., then no.... it's going to work like a charm.

Give Obama a couple of years, after all we elected him. What could be worse than the last 4 years under Bush & the Congress.

Hi Jack,

forgot to ask you...has anyone predicted the deficit left by the last President! Has anyone before ever consider adding the cost of wars and natural disasters to the budget to know the real costs to protect our way of life and our standards of living!

bush,cheney and the republican scumbags steal the american peoples social security surplus of 5.8 trillion dollars,then gave the rich 2.5 trillion in tax cuts.then spent 4.8 trillion dollars on the pentagon budgets the past 8yrs,including war supplementals for that stupid war in iraq we were lied to about.so thats 7.3 trillion debt,then social security,pension and medicaire/medicaid trust funds are 55 trillion in debt,the usa debt load is 11 trillion in debt.the treasury dept and fed reserve been using 2.8 trillion dollars of tax payers money since mid nov 07 into feb 09.so now usa debt when you tally it up comes to 77 trillion dollars.then the rich and powerfull wipes out 62 trillion dollars on wall st with the sublime mortgages and screws over millions of americans to get rich and more rich and we have the worst financial crisis in history sending this nation into the great depression.but hey during the bush and cheney years and the republicans are inbed with the rich and powerfull,oil executives and other energy executives were on cheneys energy task force,the rich and powerfull fund bush,cheney and the republicans and there campaigns and dinners and have lobbyist on the capitol to give them money to pass bills to benefit them and bush,cheney and the republicans kept on painting a rosy picture while the rich and powerfull destroyed the economy for 8 yrs and tried to get as rich as much as they could.it seems insane to say obama could bankrupt this country after what bush,cheney and the republicans inbed with the rich and powerfull done to this nation the past 8yrs.so far still aint telling the whole entire truth about what they have done,and everybody knows bush and cheney are the worst president and vp,i cant believe those 2 idiots got in office and tried to destroy the economy and this nation on the american peoples backs

I have only heard one economist, Ben Stein, say what I have been asking for months now, " Why don't we declare all of the credit-default swaps null and void." They were illegally sold insurance to begin with and investors should be stuck with their bad debts. Asking the taxpayer to further enrich the rich by buying these complicated derivatives is unconscionable. Apparently, if you are wealthy, the government guarantees you will remain so. I say caveat emptor.

Obama’s, bailout I understand is a huge risk. I do not see anyone coming up with anything else that would keep us out of an all out depression. If the people will stand behind the president and reelect him to give him the 8 years the republicans had to get us into this mess I believe he will get us into another expansion. If not an expansion at least get everyone back to work and the economy working like it should. This can allow these debts to be eliminated much faster than what is being predicted at this time. We will never be able to pay this dept off if we keep electing a political party that supports trickle down.

Bankrupt, absolutely not Jack, the US will just keep borrowing money from other countries like China. Americans can't get this far in debt without going bankrupt, but when you are the ones who print money, you can borrow your way out.

Jack,

At $288 million per day in Iraq, the bonuses for the AIG clowns are just a part of the Bush Circus.

Zimmy

I find it hard to belive that people are flinching when we are investing in america.
no one seemed to mind rebuilding Iraq, at 40 million a week.
if you did not stand with the Bush you were called unamerican
remember ?
if your not with us you are against us ?

I'm a Republican but I must say I am sick and tired of this partisan bickering. Look folks, we are in a crisis. It seems to me that President Obama and his team are doing their best with the hand they were dealt. I'm a Republican, but I'm also a realist. It's pretty obvious to me that the GOP is purposely kicking sand in the eyes of our new President and I don't like it! We are Americans...all of us....and this is our country. We should all wish for the best, yet we aren't. Republicans truly are praying for failure so that they get a shot at the White House in the next four years.

It's a shame, because we obviously have a President with true abilities, who is smart, savvy, who the world is in love with. Why not rally behind him and capitalize on this new adventure. We can come out on top...all of us, not just a few, and our country will be all the better for it.

If things keep up the way they are, I'll be changing party's next election. I'm pro conservative, but before all else, I'm Pro-American. I'm behind you President Obama. Go get em!

Merle in Ohio

The US IS bankrupt. Start thinking Quadrillion or Quintillion for debt. Every child born today already owes hundreds of thousands... and inflation hasn't even arrived...

We'll have just enough time to bend over and kiss our....... goodbye.

Those who say that Pres. Obama will make the country bankcrupt in a decade are using a single entry method of accounting- only money going out. They should also consider the income that could be generated by the efforts of the government to put back our economy into a positive situation. Let us be positve in these trying times ! Too much negative vibes !

No! If we all are to believe in the American Dream and capitalism this country will not go bankrupt. The bailout money is to be repaid by these companies. If capitalism truly woks these companies will come back strong and repay us in full. The Republicans have not been supporting this bailout – which from my point of view says they do not really support our way of life.

Let he who has ears hear. Obama is smarter than 10 Republicans x 10 journalist x 10 Ivey league PHD Economist Krueger and Ben Bernanke included. His objective is quite simply redistributing the wealth. He shall do it by destroying capitalism, the sword and shield of the Wall Street Clubs!! Wait until he peals back the FED secret books related to Goldman & Sachs payouts, it shall further rage against the rich. Yes this is class ware fare and the conservative armies are unarmed in the battle of intellectual capital. They actually think Obama wants to solve the financial crisis, da he embraces and fuels it. Obama WANTS the free market and capitalism to fail and replace it with Marxism. Until the country wakes up to his TRUE ambitions it will look like he is an economic neophyte until America wakes up one day and says hey we are ruined, the government is all powerful, we are forced to a ONE WORLD CURRENCT and that was his plan all along. Ignorant conservatives never really figured Obama wants to change America 666!!

No jack, the naysayers are still spewing fear! No one can be absolutely sure how to get us out of this mess.We the people know that we must do something more than sit back and whine and attack Obama every chance we get.All those who feel Obama plans won't work suggest something since you did not say anything for the last eight years.........We are waiting ............

How many billions did we spend in Iraq? Obama's budget is desperately trying to help ordinary Americans. Bush, on the other hand , was (please tell me again why we spend billions in Iraq?)

Obama isn't going to bankrupt the country, capitalism and consumerism will, we have just seen that no matter how bad a corporation fails or behaves after it has failed we will always bail it out , because our lives and future depend on them.

Our country was bankrupt when it couldn't fund its own spending. Obama did not cause that, no matter how blind people claim to be or how newly born they are. And if you don't fund our country from the people with money, then how do you fund it? By conquering other countries? Taking money from the middle class and forcing the middle class to borrow or decide between college for their kids, a house, or healthcare? If we do not take money from the 1% of the people with 90+% of this country's wealth, where do we get it from? Moreover, if companies on welfare think corporate jets, lavish vacations, and excessive non-performance compensation, then why do we keep complaining about a few thousand dollar for poor people, food stamps, and low income housing? If we can't take back hundred of millions of dollars of executive gifts, can we complain about people ripping off the system for a few hundred dollars? a few thousand dollars?

YES YES! Pres Obama will bankrupt the U.S and worst of them all,
The Two Pres Bushes did bankkrupt the U.S and Pres Reagan, and Pres Kennedy also bankrupt our Nation.
It was Only under Pres Clinton wich we had a great Economic Progres for all off us Young and old and every Race, Class, and Region in our Nation.
Pres Clinton balanced the budget and had a surplus budget wich he piad our debt back to the world.

President Obama’s Council of Economic Advisers, Christina Romer, says the estimates by the Congressional Budget Office may not be accurate.
I believe that their forecases have been more inline with the truth than I've heard out of the President's econemy so called experts, and Hiouse and Senate Leaders. America beware. We need to back off of these major payback (Campaign backers) funding. At least until jobs are created and we can spend our money on the workers needs, not lining friends of the administrations pockets.

I've never understood how businesses like GM and governments like the USA can spend more money than they earn and still live large, while if I do it, I have to declare bankruptcy and lose everything. If bakruptcy would mean that everyone in Congress would lose their jobs, then maybe Mr. Obama's economic plan can do what the voters refuse to do. After last week's fiasco where the very people who wrote the bailout laws grandstanded their outrage that AIG obeyed the very laws they wrote, I'm looking forward to the next chapter, even if it's Chapter 11.

When you have to ask a question about our current President's budget bankrupting our country, ADD TO THAT WITH PUTIN in Russia questioning his concerns about the value of our dollar and should their be another currency for all, I say WE ARE IN UNCHARTED WATERS and ANYTHING CAN HAPPEN!

God Help us all!

YES YES! Pres Obama will bankrupt the U.S and worst of them all,
The Two Pres Bushes did bankkrupt the U.S and Pres Reagan, and Pres Kennedy also bankrupt our Nation.
It was Only under Pres Clinton wich we had a great Economic Progres for all off us Young and old and every Race, Class, and Region in our Nation.
Pres Clinton balanced the budget and had a surplus budget wich he piad our debt back to the world..

Jack,

What a ridiculous question to ask. The country IS BANKRUPT!

The good news is: All you nay-sayers and the Party Of NO are not the ones who elected President Obama.

The better news is: All of us who did elect President Obama believe in him 100%, continue to support him, and are true Americans who care about our country and it's success.

The best news of all is: We who voted for President Obama will vote for him again in four years and all of our children will as well.

So there ya go, Jack. Not only do we NOT BELIEVE that nonesense that Judd Gregg is spewing out of that malicious hole in his face, but we DO BELIEVE that President Obama's policies will work and we will come out a more prosperous, respected and leading nation.

Alex in Iowa

This nation must have capital investment from other nations, to the extent we should not procure items from non-participating, out for only themselves nations. It must have a massive investment in both Research and Development-as in developing Mercedes type new models of American cars to comete with 60,000 dollar Mercedes to sell for everywhere for only 38,000- and the retooling to produce such advanced items. Especially technology, Fortune 500 and the basic items, clothing and goods the Chinesse are capitalizing on currently. The Russians

This should be accross the board, where Obama, the Hill and all corporate entities should immediately consider building, building and building on the manafacturing, greatly enhanced services carryed out purposefully within our borders, tarriffs and a different level of taxation on countries sucgh as newly profitable China still dealing in currency thirty years old or selling products with production in their country under vastly different systems at much lower costs and pensions.
We need to assist only those financial or other concerns with great promise of developing and none of the firms going down that advanced demographic and other research chiefly ahead of time reveals.Correct management, tinkering correctly and progressive, concentated oversight ongoing or we will go belly up.

As is stands, no. But if the relevant players in his plan drop the ball, it's a possiblity. All I see at this point being exhibited by members of Congress and on Wall Street is purile partisan behaviour. Everyone in Congress is content say what should not be done, and there is no attempt to offer up an idea as to what can be done. Wall Street is sitting back waiting to be rescued. Pres. Obama's ideas are not perfect but at least he is being proactive and at least having ago at the problem. Time for Congress and Wall Street to join in the fight.

This man is doing want need to be done for this country . We must fix this mess that we have gain .We voted for change so let them do their jobs and stop thinking it's going to get fix over night ,WE GOT ALOT OF WORK TO DO

Yes, I think it could wery well bankrupt the country, but I think It ought to be given a chance to work before we condemn it .Give it a chance

Jack, we all know Democrats are all about big government spending. Eveyone whined and complained about Bush's spending and now Obama is almost trippling it. What do you think is going to happen? If taxpayers are reluctant to buy out ailing giant's funds like AIG, Freddie, and Fannie, who else is going to buy our increasing debt? America needs more bipartisan politics, everyone seems to foget that when Clinton was in office, we had a budget surplus due to Newt Gingrich shutting down Washington because of escessive spending... Give the republicans some credit.

Jack,The last administration bankrupted this country.The question is will Obama's reorganization work.Obama didnt start this firestorm,but the arsonists who started it dont like how Obama is fighting the fire they started.

Doing nothing is what we would get....as usual. Doing not enough would get him criticism and riducule. So why not go all the way and see how it goes. The congressmen moaning and yelling about it are just doing the constituent dance and we all know it. We would have gone bankrupt for sure electing more of the same we had.

This country will never be the same from now on. Thanks to Obama, the poor and disenfranchised of this country now what their votes will get them and they are on fire for Obama....and there are a lot more of us than there are elites.

Pat
Southaven, MS

Will Obamas budget bankrupt the country? That depends if we make it past December 20, 2012, bankruptcy is extremely possible. If we don't make it past December 20, 2012 it won't matter

If C E O s lose the bonuses , why can't congress give back 8000+ earmarks added to the budget? Thats our money to. Waste is waste. ALL of us are giving up something or lost something or both. I've lost 60 % of my net. Come on Congress YOU ARE THE PROBLEM not THE SOLUTION.

RAY{not related} Bush

Who really knows the answer? However, some action needs to be done and all I hear from Republicans is scare tactics. During Bush it was a terriorist attack and now it is the country will go bankrupt. I would like to hear some contructive ideas from Republicans that are innovative .... not just tax cuts. The situation is scary but it is better to do something than nothing.

Where were all these budget minded Senators during the last eight years. while we were driving into the pig stye? Feeding at the trough perhaps?

Anyone who tells you they know the future is a liar. What we do know is the past and the present. Past experience, following Republican theory in a recession, has always been further economic contraction. Government investing of taxpayer money, in contrast, worked the last time it was tried and made an eventual net profit for the taxpayer. The Obama program is exactly what we need now – we need to get credit flowing, so we need to take those "toxic asset" question marks off the books. There has to be cash flow too, so we are spending an extra $800 billion one time stimulus to lubricate the system. For the first time in a very long time, the President's Budget is actually the truth; nothing is kept "outside the budget.." All that is, by itself, an improvement.

Obama's so busy trying to scratch his donors back, and trying to be seen all over the country, he has lost sight of what a mess we are in. Geither should be fired, and AIG needs to dissapear, the tax payers are sick of them. If Obama keeps on the same track, yes he will BANKRUPT the whole country

They are making as fast as they can, devaluing the dollar, what else could you expect. That's what we get for electing someone with no expericence.

This budget cant be any worse than the republicans had. I didn't see nearly the outcry from the republicans when bush was lining the pockets of all the ceo's and oil industry giants. But now when a real president, has to finally use money to benefit the country instead of destroying it, everyone feels the need to complain. If Bush used the money properly the first time, we wouldn't need to use much more the second time to fix his mess! We finally have an intelligent president, let the man work. I dont want more money wasted either, but someone has to put money in to boost this economy. If nobody spent, we would certainly hit a depression.

Jack,
I propose we give every legal American a two million dollar tax
bonus. This would be our reward for doing nothing at all to keep our country going. You know kind of like the bonus's those do nothing but screw the company executives are getting. Then we can pay all our home loans and bills, buy a new car. Our children can pay there own
way through Harvard or Yale. We could all stock up on guns and amo and wait for the wolf ( not Blitzer) to come to the door.

Is it to soon to talk about impeachment!

You want to talk about punishment... Listen to this: A middle class Joe or Jane making over $25,000 a year is taxed a whopping 85% of their social security check. The President questions the legality and constitutionality of punishing AIG through a 90% tax on that money. Shouldn't he question taxing social security 85%? It sure looks like punishment to me. Who can ever afford to retire with that kind of tax staring you in the face!

Jack,
Does this budjet not bring in money to the treasury in any way. Does it not do anything to bring down the deficits? These are the questions we should ask. Why should we be focusing on the risks and never on the prospects of this budjet. I do not think this budjet will bankrup the country.

Your comment is awaiting moderation.
Are you kidding me Jack? We do not haved 9yrs to wait to see if we go bankupt, and futhermore reguadless of what the republicans say and the CBO says, 9yrs is a long way off , and who can predict what will happen, and how do we “really” know that we will be broke? The CBO sounds like they are siding with the republicans redoric. Something has to be done now, at least this is a start, and god knows we need to start somewhere!
I am really tired of all the naysayers out there, first they complained Geither did not do enough, and had no plan, now he has a plan, and the naysayers are still not happy! ENOUGH IS ENOUGH with all the naysayers out there. We need action now, and not to worry about 9yrs from now, we can work on that later, we need a plan now!
The Obama administration is dammed if they do and dammed if they don’t. Kudo’s to Obama and his administration for trying to tackle this very very difficult time we are in. At least he is not Bush, who did NOTHING for the american people, but start an unjust war, and bankrupt this country in the 8yrs he was in office, he fell asleep at the wheel, and and left us all holding the bag!! And the republicans who are complaining today, are the same ones who were under the Bush admin, and they too are guilty for doing nothing in 8yrs, so they have “NO” place to throw stones. The republicans need to get off their high horses and support our president, and stop being the party of “NO”

Brenda
Schaumburg, IL

National Debt Yes, Bankruptcy – NO

The country was already bankrupt. Anytime you owe more than you earn your are essentially bankrupt.

What the president is doing is borrowing to pay off his debts while he increase revenue. Sounds like a business owner to me.

Obama's team of economic surgeons is faced with the futile prospect of attempting to remove a terminal cancer of malignant greed and corruption from their patient, our economy. The patient has been morally dead for decades as the entitlement mentality grew and spread to all of the vital organs: corporate America, Wall Street, Military Industrial Complex, and government. Unfortunately, the chemotherapy and radiation stimulus treatments have only slowed the progression of this fatal disease.

I do not know if Obama's approach will help or hurt. I am no finance guy. But we did elect him to fix these problems. I am going to trust that he has consulted with brilliant and competent people and that their ideas will work. So I am gonna sit right here on my butt, keep my mouth shut (like I wish others would), and let him take the shot. Good luck, Mr. Obama!

Don't get me wrong I am an adamant supporter of President Obama, but the President needs to stop talking and start doing. But we all have to admit it he has bought sexy back. Lastly please get rid of all those crooks in and around the white house.

No one knows if Obama's plan will bankrupt the American economy? But what we do know is that we the economy is in the dumpster...and the politicians both democrats and republicans alike are just trying to cover their _ _ _! Corporations have been allowed to suck the life blood out of the economy...the financial institutions have totally screwed up the stock market and the housing market by selling scrupulous assets...and people are loosing their homes as we speak! Who else but the US the taxpayers can bail out this economy! Let’s get on with it and try to do our best!

In our "all you can eat", "all you can borrow" culture that went on a real estate feeding frenzy, no federal budget can bankrupt us any more than we have bankrupted ourselves.

No, its not going to bankrupt us. He had to do something. I really don't understand all of those critics that don't offer any solutions to the problems, but are quick to criticize everything the President tries to do. Is it because they (the critics) actually don't have anything constructive to suggest.

These critics helped Bush put this country in dire straights and now they have no intelligence to help solve the problems that we are faced with.

Nothing President Obama can do at this point is worse than what Bush has done in the past eight years. All of you haters need to back up and give President Obama a chance.