[quote=HereWeGo]I don’t see how a debtor nation can continue to spit in the eye of creditors. Isn’t the idea to mitigate the credit crisis rather than to exacerbate it?[/quote]

Well if we have a prolonged recession/depression creditors are not going to see their money back either. My admitted partisan interpretation of Obama’s position is that we temporarily inflate to unlock credit market, then tighten the belt except for infrastructure, high tech, and health care and raise taxes. In essence he is telegraphing to the creditors that we won’t continue to deficit spend once we get over the crisis. I don’t know if will work, but it appears to be the best compromise for governing and getting elected.