From Huffington Post,
"The economic message illustrates Obama's current dilemma. Republicans control the House and believe that addressing the nation's long-term debt will have a positive effect on the economy; they have no appetite for major spending initiatives aimed at spurring a recovery."
Because short term stimulus would help Obama win re-election the Republicans are against it.
The federal government has sufficient cash flow to pay the interest on the debt at current levels and much higher levels. The Republicans are using fear to try to defeat Obama. Fear of a black man is the underlying emotion behind the Republican rhetoric.
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