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"Obama budget: Record spending, record deficit - Obama's multitrillion-dollar budget would deepen record pool of red ink, urge jobless help" (by Andrew Taylor, Associated Press Writer as reported on Yahoo! Finance February 1, 2010):

http://finance.yahoo.com/news/Obama-budget-Record-spending-apf-3449890447.html?x=0

"WASHINGTON (AP) -- Spelling out painful priorities, President Barack Obama urged Congress on Monday to quickly approve a huge new shot of spending for recession relief and job creation, part of a record $3.8 trillion budget that would boost the deficit beyond any in the nation's history while only slowly beginning to put Americans back to work.

If Congress goes along with Obama's election-year plan, the nation would still end the year with unemployment pushing double digits at 9.8 percent and this year's pool of government red ink deepening to $1.56 trillion under the administration's accounting.

The spending blueprint for next year calls for tax cuts for workers and business and more aid for cash-starved state governments as well as the unemployed. The jobs initiative largely mirrors last year's stimulus bill, but is about one-third its size. The president is asking for nearly $300 billion for recession relief and job stimulus.

The budget paints a remarkably dire picture of a federal government that will have to borrow one-third of what it spends next year as it runs a deficit that still would total some $1.3 trillion."

You can read the rest of this article for all the gory details, but this is approaching insanity. This debt will hit main stream America like a tidal wave - causing financial devastation everywhere.

Fasten your seat-belts and get ready for a real rocky ride.

- Ed Smith, Publisher
The EHS Letter Manual