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ENDOSCOPY:
"Obama himself said deficits don't matter. Keep up with the times and what your fearless leader is saying. You people are silly."

No, that's NOT what Obama said.

Obama said that he expects a huge deficit this year due to declining revenue during the recession and the large amount of money spent on the bailouts.

Obama said that while his economic recovery package may contribute to the deficit in the short-term, it is a necessary investment to create the jobs that will stimulate the economy and generate taxable revenue.

However, unless the U.S. wants to see "trillion-dollar deficits for years to come," decisive, mandatory cuts to Congressional discretionary spending should accompany his economic stimulus package, which in turn should be carefully arranged to stimulate the economy with the least possible amount of risk/expenditure.

Read it again.

http://www.nytimes.com/2009/01/08/business/economy...
"We know that our recovery and reinvestment plan will necessarily add more [to the deficit]. My own economic and budget team projects that, UNLESS WE TAKE DECISIVE ACTION, even after our economy pulls out of its slide, trillion-dollar deficits will be a reality for years to come.

We must act quickly to pass an economic recovery package that will create jobs and jump-start economic growth. While it is understandable that this package will worsen our near-term budget picture, we should not enact provisions that will exacerbate our long-term deficits and debt.

A stark assessment of the budgetary outlook would force Obama's administration to impose tighter fiscal discipline on the government. Even as he prepares a stimulus plan that is expected to total nearly $800 billion in new spending and tax cuts over the next two years, he said he would make sure the money was wisely spent, and he pledged to work with Congress to enact spending controls and efficiency measures throughout the federal budget.

In his most explicit language on the subject since winning the election, Mr. Obama sought to reassure lawmakers and the financial markets that he was aware of the long-term dangers of running huge deficits and would take steps to limit and eventually reduce them.”

Obama is warning Congress that unless they adopt his new, stricter spending rules, the country will see trillion-dollar deficits for years to come. Obama is NOT promising to deliver trillion-dollar deficits, and Obama certain did NOT say that "deficits don't matter" either, as you so oversimplistically put it.

Furthermore, you act as if the short-term budget deficits in 2009 are Obama's fault, when in fact it is the recession that is forcing his hand. The scenario for Bush was different; Bush assumed office with surpluses from the Clinton administration, which he wasted on tax cuts and wasteful spending.

But Bush's poor economic record has forced Obama into a tough position of choosing the lesser of two evils:
1) a prolonged recession with high home foreclosures and high unemployment
2) high short-term deficits caused by a sweeping economic stimulus package

http://www.nytimes.com/2009/01/07/us/politics/07ob...
"Economists almost universally support running large deficits to combat the kind of steep recession the country is grappling with now."

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