You can’t spend like there’s literally no tomorrow, rack up massive deficits, add to the national debt and then pretend to care about spending.  Are you kidding me?  We don’t need another commission to tell us that we’re bankrupting this country.  This is simply political top cover for the Obama administration–they can point to this in November and say, “We’re serious about the debt.”  There’s a huge credibility gap, though.

According to Karl Rove:

…from Jan. 20, 2001, to Jan. 20, 2009, the debt held by the public grew $3 trillion under Mr. Bush—to $6.3 trillion from $3.3 trillion at a time when the national economy grew as well.

By comparison, from the day Mr. Obama took office last year to the end of the current fiscal year, according to the Office of Management and Budget, the debt held by the public will grow by $3.3 trillion. In 20 months, Mr. Obama will add as much debt as Mr. Bush ran up in eight years.

Mr. Obama’s spending plan approved by Congress last February calls for doubling the national debt in five years and nearly tripling it in 10.

Mr. Bush’s deficits ran an average of 3.2% of GDP, slightly above the post World War II average of 2.7%. Mr. Obama’s plan calls for deficits that will average 4.2% over the next decade.

Team Obama has been on history’s biggest spending spree, which has included a $787 billion stimulus, a $30 billion expansion of a child health-care program, and a $410 billion federal spending bill that increased nondefense discretionary spending 10% for the last half of fiscal year 2009. Mr. Obama also hiked nondefense discretionary spending another 12% for fiscal year 2010.

This is where big government gets you.  This is tragic.  Just wait for what’s next:  skyrocketing interest rates, inflation or maybe both.  Some interesting points from Greg Mankiw.