Have I told you lately that we're broke?

Here's Robert Samuelson in "Planting the seeds of disaster":

Suppose the CBO estimate is correct. So? The $138 billion saving is about 1 percent of the projected $12.7 trillion deficit from 2009 to 2020. If the administration has $1 trillion or so of spending cuts and tax increases over a decade, all these monies should first cover existing deficits -- not finance new spending. Obama's behavior resembles a highly indebted family's taking an expensive round-the-world trip because it claims to have found ways to pay for it. It's self-indulgent and reckless.

The trajectory of entitlement spending alone will swallow all projected tax revenues by 2052 and this was before adding Obama's $2.5 trillion new program. The federal government is already spending nearly two dollars for every dollar raised. But because borrowing is cheap right now, Washington is charging like a college kid with his new "introductory rate!" credit card. Eventually, the bill comes due.