Before kicking off a summit meeting on job creation, the president said the federal government can't be counted on for most of the money this time.
The two-year, $787 billion economic stimulus package he signed in February won't be the model for the next round of initiatives, he said. “It is not going to be possible for us to have a huge second stimulus, because frankly, we just don't have the money," Obama said. He ruled out an immediate effort to reduce the $1.4
trillion budget deficit until the economy rebounds further and the 10.2% unemployment rate begins to decline. Focusing on the deficit too soon, he said, could risk a "double-dip recession.
Obama chose to kick off his presidency with more than $1 trillion dollars in kickbacks to friends, supporters and various pressure groups. Now, there’s no money to do anything when we really need government action (preferably through balanced budgets and deficit reduction).
I guess those who opposed the stimulus were correct.