Obama's plan, via NYT:
Barack Obama came to office with a theory. He believed that the country was in desperate need of new investments in education, energy and many other areas. He also saw that the nation faced a long-term fiscal crisis caused by rising health care and entitlement costs. His theory was that he could spend now and save later. He could fund his agenda with debt now and then solve the long-term fiscal crisis by controlling health care and entitlement costs later on.
President Barack Obama, calling current deficit spending “unsustainable,” warned of skyrocketing interest rates for consumers if the U.S. continues to finance government by borrowing from other countries.
“We can’t keep on just borrowing from China,” Obama said at a town-hall meeting in Rio Rancho, New Mexico, outside Albuquerque. “We have to pay interest on that debt, and that means we are mortgaging our children’s future with more and more debt.”
Holders of U.S. debt will eventually “get tired” of buying it, causing interest rates on everything from auto loans to home mortgages to increase, Obama said. “It will have a dampening effect on our economy.”
Back to Obama's plan: (Hot Air reminds everyone of the graph Wapo provided)
See all that red going downwards? That’s Obama having America live on credit for the next decade at a higher rate in terms of real dollars and percentage of GDP than any American president since FDR. He has the least amount of standing to talk about spending within one’s own means of anyone in Washington DC.
Ummmmmmmmmm... do his words match his plan/actions?