President Barack Obama said on Tuesday that worrying about the U.S. government's finances "keeps me awake at night" and the country needed to start planning now to tackle soaring deficits.Obama apparently is unfamiliar with the first rule of holes--"stop digging!"--as Jules Crittenden notes:
In a pair of interviews on CNBC and Bloomberg television, Obama defended increasing government spending to prevent the recession from worsening, and warned the unemployment rate may hit 10 percent this year, a level not seen since 1983.
"There's no doubt that we've got a serious problem in terms of our long-term deficits and debt," he told CNBC. "I make no apologies for having acted short term to deal with our recession."
But he said once the recession ends, "we're going to have to close that gap between the amount of money coming in and the amount of money going out."
The Congressional Budget Office estimated on Tuesday that the federal deficit would hit $1.43 trillion in fiscal 2010 under Obama's budget plan, slightly higher than it had previously forecast.
[I]t’s hard to work up a lot of sympathy for a guy who can’t sleep with his own decisions, and is still trying to figure out ways to drive the deficit even higher -- no matter how often he says his universal health plan is going to cut costs. In fact, the news that he can’t sleep and can’t stop is more than a little disturbing.(via Instapundit)