President Obama and his advisers sounded an alarm Monday [Feb 23, 2010] on the ballooning $1.3 trillion federal deficit, saying that it would get worse and offering tough talk with a promise the administration will cut the deficit in half by reverting to pay-as-you-go rules.

“The pay-go approach is based on a very simple concept. You don’t spend what you don’t have. So if we want to spend, we’ll need to find somewhere else to cut,” the president said at the White House Fiscal Responsibility Summit. “This is the rule that families across this country follow every single day, and there’s no reason why their government shouldn’t do the same.”

I guess the joke is on us though….