White House Preparing Fiscal Task Force

"The White House is laying the groundwork for a task force that could make it easier for lawmakers to approve tax hikes, spending cuts or other unpleasant measures to bring down budget deficits, lawmakers and aides said Tuesday."

Barack Obama has effectively destroyed his party's chances of retaining control of Congress and now he is setting himself up to be a one-term president and I say this with certainty.

His failures to confront Wall Street and the timidity he showed when it came to restructuring the financial sector, will now be followed by a new policy thrust that will focus on deficit reduction.

At at time when 30 million people in this country are either unemployed or underemployed and when our industry is barely using two-thirds of its productive capacity, the draconian levels of new fiscal drag that will be added will absolutely tank the economy. Say goodbye to the past year's stock market gains and I would not be surprised to see the downtrend get underway in earnest the day after Obama gives his State of the Union speech outlining his deficit reduction plans.

Quite possibly, no president in history has been so confused and ill-informed as Barack Obama.