From the AP:
Obama's spending plans and middle-class tax relief will collide with the hard reality of exploding budget deficits.
Obama's tax proposals come with a hefty price tag. The nonpartisan Tax Policy Center, a joint effort of the Urban Institute and the Brookings Institution, estimates that Obama's tax proposals would reduce projected tax revenue by $2.95 trillion over the next decade.
His longer-term solution, encouraging alternative energy by creating a $150 billion clean energy fund, relies for financing on a program of selling pollution allowances to combat global warming that is even more uncertain..
While the plan would help millions of people obtain health insurance, some health analysts say it falls short of universal coverage. The Tax Policy Center says the Obama plan would reduce the number of uninsured by 18 million in 2009, from the current figure of 45 million. That still would leave millions uninsured.
The United States has already reversed many policies other nations saw as isolationist or bullying — for example, by joining international diplomatic efforts with "axis of evil" nations Iran and North Korea. Obama would continue those efforts and others without any greater guarantee of success.
A troop pullout is feasible and conforms roughly to a withdrawal timetable advocated by the Iraqi government. But a 16-month timetable risks shifting responsibility to Iraq's security forces before they are ready, and it gives the insurgents an explicit target date for waiting out the Americans.
With the budget stretched thin, a huge infusion of cash for early childhood education or college costs seems unlikely. Federal spending on education has already been rising for more than a decade.