Imagine a typical American family. Dad takes out a second mortgage on the house, a home equity loan, borrows against his life insurance and when he runs out of cash and credit holds up a few banks, steals some cars and gambles away the last of the proceeds on a long shot at the track. Mom gladly co-signs all the necessary loan paperwork, drives the getaway car for the stick-ups and stands beside Dad cheering on the nag as it comes in dead last. The next day Dad suddenly tells Mom she can no longer use her credit cards and should manage the household expenses within their means. Think Dad finally came to his senses and realized the error of his ways? Nah, Dad goes to the seedy part of town to meet with a loan shark.

Continued...

In case you haven't figured out the players in our little family drama: in the role of Dad is President Obama, playing Mom we have the Democratically controlled Congress and the kids (who are now living in a cardboard box with no hope of a prosperous future or a well balanced dinner) are we the people of the United States of America.

After the president's unprecedented spending spree during the past 4 months, the federal deficit is on pace to explode past $1.8 trillion this year, more than four times last year's all-time high. Yet today he challenged Congress to pay for new increases in federal benefit programs as it goes rather than sink the nation deeper into debt - a policy known as known as "pay-as-you-go" or "pay-go". (source)

But President Obama's pay-go budget plan would include approximately $2.5 trillion worth of exemptions for his priorities over the next decade. Additionally his health care reform plan would be allowed to run big deficits in its early years. (source) Sort of like starting a new diet on Monday morning and having an entire chocolate cake for breakfast, isn't it?

"It's as if the administration and these Democrat leaders are living in an alternate universe," said House Republican Whip Eric Cantor of Virginia. "The quickest way to save money is to stop recklessly spending it." (source)

Somebody better explain that to Mom and Dad.