Whichever, Obama or McCain, walks into the White House in 2009 either will face the same problem; A record US deficit.
The estimated US deficit for 2009 is now $482 billion.
The slowing economy, increased government spending, and not raising (proportionally) taxes all add to the mix.
It is important to note the $482bn represents about 3% of the total output of the US economy. This is well below some of the deficits seen in the 1980’s and 1990’s (percentage wise). However, these figures do not include any bailout of Freddie Mac or Fannie May (the federal housing bill that just passed in congress).
In either case, I suspect neither candidate elected to office is going to be immediately inclined to lower any taxes or increase any government spending – and justly so.
Fine, I suppose this is where you look for some witty insights to my mind. A "bio" of sorts. Here is the deal... I ride motorcycles, smoke cigars, golf, kayak, fly, race my car through the mountains, write (a lot), and travel extensively. I am almost old enough not to care what other people think about me...almost. ~Godfadr
I think Obama himself would have to look a good deal at that bill before opting not to spend anymore right off the bat…