Posted by Amina Isakovic
Written by Tom LoBianco
One of President Obama's top economic advisers said massive increases in domestic spending can't wait - even as federal spending continues to mount, with new plans to spend $1 trillion to buy toxic bank assets and an independent report that the White House undershot the nation's debt by $2.3 trillion.
But Republican lawmakers have become increasingly skeptical of Democratic spending plans, presenting some of their most dire forecasts Sunday.
Sen. Judd Gregg, New Hampshire Republican and one-time Obama pick to lead the Commerce Department, said the combination of new spending could cause the nation to go bankrupt.
Christina Romer, chairman of the White House Council of Economic Advisers, said Mr. Obama's domestic budget priorities, including major reforms in health care, education and the environment, must be kept in the budget as Congress takes control of the spending document.
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