Weeks of speculation were put to rest this morning when President Obama held a much anticipated press conference. Flanked by Vice President Joe Biden and Secretary of the Treasury Timothy Geithner, President Obama revealed his much anticipated plan to reduce our national debt: by refinancing it with Ditech.
“My fellow Americans,” the President began. “The problem that we are facing is an old one. It is no surprise that the debt of this nation has skyrocketed. And it is no surprise that if nothing is done, this trend will not cease. However, for too long the answer to the problem by Washington insiders has been business as usual. But this downward spiral which has already brought our debt to over a trillion dollars needs to stop. That is why we need to return to the basics. That is why, today, I am proud to announce my plan to reign in our debt, and regain control of our economy.”
The President went on to illustrate how his plan will work. “Many countries hold our debt,” the President explained. “China, Japan, Brazil… Now let me be clear about this: With this plan, we can consolidate that debt into one low monthly payment at a competitive interest rate. It won’t be easy, but with hard work and dedication, we can bring back some level of responsibility to our fiscal situation.”
The Republican delegation of the Senate, however, has already voiced their displeasure at the President’s proposed plan. “It sounds kind of Socialist to me,” said Sen. Saxby Chambliss (R-GA) in a rebuttal later that day. “Besides, we wanted to go with Lending Tree.”
