It is no secret: our deficit has exploded this year. The liberals will tell you this is all George Bush's fault. We will get to that in a second. But once they stop playing the blame game, they will realize that we deep in a steaming pike of fresh horsesqueeze.

CNBC and the Congressional Budget Office have found that the 10-year outlook for the nations deficit has deteriorated by almost $8 trillion. There was a time .. all the way back when George Bush was president in 2008 .. when the CBO outlook projected a $247 billion SURPLUS for 2009 through 2018. Now we are looking at a $7.4 trillion deficit.

So what happened? The CBO says that 57% of the increase was due to a decline in revenue. More specifically - social security, which accounted for a "huge part" of the revenue change. Social Security was expected to have a $2.3 trillion surplus from 2009-2018. Guess we know how that turned out! Add to that the economic "stimulus" bill, increased funding for the war in Afghanistan, extended unemployment benefits and .. interest on the debt! Now we can add Obamacare to that list.

Considering all of this, it is no wonder than Moody's warned just weeks ago that America's AAA bond rating may be downgraded.

In other words, folks, a budget crisis is coming. If Obama was "brave" enough to tackle healthcare reform, then we will see if he has the stones to tackle a truly dangerous crisis - the budget crisis. Here's a bit from Robert Samuelson in the Washington Post:

Should the United States someday suffer a budget crisis, it will be hard not to conclude that Obama and his allies sowed the seeds, because they ignored conspicuous warnings. A further irony will not escape historians. For two years, Obama and members of Congress have angrily blamed the shortsightedness and selfishness of bankers and rating agencies for causing the recent financial crisis. The president and his supporters, historians will note, were equally shortsighted and self-centered -- though their quest was for political glory, not financial gain.....

Let's be clear. A "budget crisis" is not some minor accounting exercise. It's a wrenching political, social and economic upheaval. Large deficits and rising debt -- the accumulation of past deficits -- spook investors, leading to higher interest rates on government loans. The higher rates expand the budget deficit and further unnerve investors. To reverse this calamitous cycle, the government has to cut spending deeply or raise taxes sharply. Lower spending and higher taxes in turn depress the economy and lead to higher unemployment. Not pretty.

The Democrats are striving to build up their new entitlement society, so there is no way we can lower spending but cutting services. But there is one thing that they can do to raise additional revenue: implement a Value Added Tax! Oh how you're going to love the VAT! The cost of everything you buy will go up .. and this will be in addition to all of the taxes you presently pay. Even though the VAT is a consumption tax, it is NOT the FairTax. Remember .. the FairTax replaces all of the federal taxes you presently pay and does not increase the cost of the goods and services you buy.

Obama's passage of healthcare reform has been noted as "historic." But what would truly make him a hero would be to get this country's finances under control. Obama's Deficit Commission is going to tell him that the VAT is the way to go. Returning to an earlier theme --- if you leave these people in power --- if you allow them to saddle you with this new, easily-increased tax --- you'll life to regret it for the rest of your days, and your children will be left behind to suffer from your lack of attention. Will you stay interested enough to do what needs to be done in November?

If you wanna read a little more on the subject. This is from Investors Business Daily: The Nation's Imminent Debt Crisis Is A Matter Of Choice -- Obama's.