In an audacious display of chutzpah, President-elect Obama and the Democrat-controlled Congress advance plans to spend an additional $1.2 trillion — an amount that will double the record breaking $1.2 trillion budget deficit, while Obama tells Washington Post reporters and editors he will convene a “fiscal responsibility summit.”

Under Obama’s veto threat, the Senate, by a vote of 52 to 42, released the second $350 billion of the extremely unpopular and unsuccessful $700 billion bailout of the financial industry.

House Democrats unveiled legislation to enact Obama’s $825 billion economic bailout. That’s the plan Obama now claims will create only 3.6 million private sector jobs over two years. Amanda Carpenter details how the Democrats’ Obama bailout is being used to fund “every liberal entitlement cause under the sun.”

At this rate, and With Obama as president, by the time the Democrats have controlled Congress for three years they ought to be able to increase the national debt by at least 50%.