WEEK IN REVIEW: FEB 23-27

President Obama started his eighth week in office with a promise to cut the national deficit in half by the end of his first term. Considering the massive spending package he recently signed into law, that may seem a little too optimistic. With time it is becoming ever more clear that despite the dire economic situation we are currently in, our new president intends to spend money we don't have in hopes of making things better. By the end of the week, Barack made his intention to raise the deficit abundantly clear. 

The media highlight of the week was a toss up between an appearance at a Washington Wizards game, and his first 'State of the Union' type speech. It was typical Obama... flourishing rhetoric reminiscent of his campaign days. Unfortunately, the address was quite weak on substance as the Associated Press dutifully pointed out. In many ways, the Republican response was stronger (from a political perspective). While the president sounded more optimistic in discussing what lies ahead, he delivered a laundry list of promises he is unlikely to deliver on them all.

It's too early to pass judgment on the Obama administration's handling of the economic situation, but if his budget proposal is any sign of things to come, there may be real cause for concern. Unsurprisingly, they want to spend a lot of money. Hopes that the stimulus and bailout packages will increase economic growth are probably misplaced. Republicans are gearing up for a fight, and in his weekly video address Obama affirmed his commitment to fight back. There are no real causes for optimism at the time being when it comes to the economy. 

In other news this week, VP Joe Biden presided over the first meeting of the Middle Class Task Force in Philadelphia - the focus was on green jobs. We'll see what actually happens (and how much it costs), but at least the administration appears to be moving in the right direction when it comes to the environment.

Obama laid out his plans for Iraq at Camp Lejeune; among other things, he decided to give the military a little more time to get the job done, electing for a 19 month timeline as opposed to the 16 months he promised while campaign. No big deal really... unless 19 becomes 24 or more. Whatever the case, the military will have its hands full in Afghanistan. It's a rocky road...