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Bankruptcy

"The ship's hull is intact for now, sir. But about that iceberg directly in front of us..."

So reports Sen. Judd Gregg, Obama's previous choice for Commerce Secretary, in his discussion on CNN's State of the Union.

Reports the AP:

The top Republican on the Senate Budget Committee says the Obama administration is on the right course to save the nation's financial system.
But Sen. Judd Gregg of New Hampshire also says President Barack Obama's massive budget proposal will bankrupt the country.
Gregg says he has no regrets in withdrawing his nomination to become commerce secretary. He pulled out after deciding he could not fully back the administration's economic policies.
The senator said Obama's spending plan in the midst of a prolonged recession would leave the next generation with a country too expensive to live in.

Lefty NY Times columnist Frank Rich calls this Obama's "Katrina moment." Fellow lefty NY Times columnist Paul Krugman also dumps on Obama, saying, "it's just horrifying that Obama - and yes, the buck stops there - has decided to base his financial plan on the fantasy that a bit of financial hocus-pocus will turn the clock back to 2006."