From the New York Times:
"Mr. Obama said that despite the huge new government obligation, he would press ahead with his plans to overhaul the health care system to insure more people, make college tuition more affordable, give a tax cut to the middle class and raise taxes on those making over $250,000 a year.
“The problem that we have,” Mr. Obama said, “in part has to do with wages and incomes that have been flat. And so homeowners and ordinary families out there have been working very hard, but it’s tough for them to pay the bills and stay afloat with rising gas prices and health care.
“So if we don’t address our long-term competitiveness, if we don’t address some of the inequities in the tax code, if we’re not addressing some of the things that weakened the family budget, then we’re not, over the long term, going to solve these larger problems in the financial markets.”
"But Mr. McCain said in an interview here with CNBC and The New York Times that he would press on with his plan to extend the Bush tax cuts and to cut others. Contrary to the warnings of fiscal analysts, he said he believed he could do so and balance the federal budget, which was falling deeper into deficit even before the financial crisis, by the end of his first term."
"I believe we can still balance the budget,” he said. “I think that it is restraint of spending, and I think it’s growth of government and the economy, and the recovery of our economy. And anything you do that would take more money from the American people who are hurting more now, I think, would be a serious mistake.”
This is not a joke, folks. The next bail out is going to be us.
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