Since taking office in January, the Obama administration has been shoveling billions of dollars out the door in a bid to reverse a steep downward spiral in the U.S. economy and prop up the struggling financial system.Will this crush what's left of the American economy? Probably not, but it will seriously harm the economy we've known, which was already suffering from massive government burdens. When governments can no longer hide behind their flags, people take their lives underground. It's called survival.
The massive deficit forecasts come after Obama submitted in February his $3.55 trillion budget plan for fiscal 2010, which includes huge new programs to address healthcare and curb greenhouse gas emissions.