Ordinarily, from January to September of a new PresidentÂ’s first year, the government lives under the budget of his predecessor. That isnÂ’t the case this year. Last fall the Democratic-controlled Congress refused to act on President BushÂ’s 2009 budget proposal, gambling that by delaying ratification of the budget until the new year, they would also have the Presidency and could write the budget exactly the way they wanted: without any Republican interference.
It worked out for them like they planned. However, the 2009 budget may be a case of “be careful what you wish for.” Barack Obama and the Democrats now own the 2009 budget. Every bit of it. They also own all of the (almost certain to be an underestimated) $1.75 trillion budget deficit, an amount four times the largest deficit President Bush ever created.
If the economy turns around (click here to learn why it wonÂ’t), all will be forgiven. However, if the economy tanks, Obama and the Democrats canÂ’t even pretend that it was President BushÂ’s 2009 budget that made the difference. |