Seriously, a "Fiscal Responsibly Summit"?

This week, the White House hosted a Fiscal Responsibility Summit. About a week ago, the administration signed the Stimulus Bill which was the personal finance equivalent of a consumer maxing out their credit card to pay for plastic surgery. Now, having spent almost a trillion dollars, the administration aims for fiscal responsibility? This is the equivalent of that same consumer who blew out their credit cards now looking to cut coupons of save a few bucks.

According to Mr. Obama, "We're not going to be able to fall back into the same old habits. The casual dishonesty of hiding irresponsible spending with clever accounting tricks, the costly overruns, the fraud and abuse, the endless excuses." This comment comes after signing of the $787 billion stimulus bill, the $275 billion mortgage bailout proposal, discussions over how to spend the second phase of the TARP money and concerns over providing more money to failing U.S. automakers. Clearly, the administration believes that government spending will lift the economy out of its current decline. It remains to be seen whether or not this government can spend responsibly.