DEBT NOW EQUALS ENTIRE ECONOMY

In other words, we are now broke thanks to Obama..........................

(Washington Times)President Obama‘s budget, released Monday, was conceived as a blueprint for future spending, but it also paints the bleakest picture yet of the current fiscal year, which is on track for a record federal deficit and will see the government’s overall debt surpass the size of the total U.S. economy.

Mr. Obama‘s budget projects that 2011 will see the biggest one-year debt jump in history, or nearly $2 trillion, to reach $15.476 trillion by Sept. 30, the end of the fiscal year. That would be 102.6 percent of GDP - the first time since World War II that dubious figure has been reached.

And the budget projects the government will run a deficit of $1.645 trillion this year, topping 2009’s previous record by more than $230 billion. By contrast, 2007’s deficit was just $160 billion altogether.

Still, amid the other staggering numbers in the budget Mr. Obama sent to Congress on Monday, the debt stands out because Congress will need to vote to raise the debt limit later this year, and because the numbers are so large.

Republicans argued Monday that the Obama administration‘s new budget fails to appreciate the depth of the country’s fiscal plight.

Obama and Mubarak have Severed Diplomatic Ties

America can thank on the community organizer's stupidity on foreign policy. Obama is alienating his allies and embracing the enemy. Obama has made a total mess of things and needs to step down as president before creating another world war.

(WSJ) WASHINGTON—The defiant tone taken by Egyptian President Hosni Mubarak—and widespread confusion about the meaning of his speech—had White House officials stumbling for their next step in a crisis that was spinning out of their control.

Egyptian officials said Mr. Mubarak gave the Obama administration much of what it wanted: the delegation of presidential powers to the vice president, Omar Suleiman.

They said Mr. Mubarak had all but been rendered a figurehead leader, precisely the formulation set out by U.S. officials over the weekend.

But Mr. Mubarak's language and refusal to yield to what he called the intervention of foreigners left protesters furious, the scene in Cairo precarious and the White House seemingly unable to influence events.

All day, as rumors swirled Mr. Mubarak would step down, administration officials struggled to understand what was happening, and even U.S. intelligence officials appeared baffled at one point. At a Capitol Hill hearing, Leon Panetta, director of the Central Intelligence Agency, told lawmakers there was "a strong likelihood that Mubarak may step down this evening."

After Mr. Mubarak's speech, the White House was consumed with a sense of "disbelief," one U.S. official said.

The White House is now squeezed between Arab and Israeli allies, who have complained that Mr. Obama was pushing Mr. Mubarak too hard to step down, and lawmakers who accuse the White House of not pushing hard enough. Now, the White House finds itself largely a bystander.

In the White House, frustration is giving way to a sense of powerlessness.

Arab and Israeli diplomats said Mr. Obama's decision to throw his full support behind the opposition after eight days of protests has likely broken ties with Mr. Mubarak beyond repair.