There's a link to a CNN Money article in the "Bad News for Dems" thread (I think stlhead posted it). Very disturbing read, for many reasons, but most immediately because:

a. It says that Congress is making it a priority to make the Bush tax cuts permanent before they expire, and
b. It addresses the projected effects of Obama's extension of the tax breaks for those making less than $250K (the trillions figure in the article referenced in this thread).

I'm an idiot in all matters financial, but even I can see that trying to solve a budget deficit crisis by reducing revenue is a road to nowhere. I don't think it's any major coincidence that the deficit ballooned after the tax cuts were implemented under Bush, and I think it's a no brainer that the deficit will only increase as additional cuts (which I believe are only being proposed as a consolation to quiet the vast majority of Americans that will be screwed on a permanent basis once the Bush tax cuts are made permanent) are implemented under Obama. Any president in the present era is a puppet, and the rich and special interests are holding the strings.