From
writerspleasure"The [UK] government last night accused Labour of pursuing a “scorched earth policy” before the general election, leaving behind billions of pounds of previously hidden spending commitments. - The newly discovered Whitehall “black holes” could force even more severe public spending cuts, or higher tax rises, ministers fear. - Vince Cable, the business secretary, said: “I fear that a lot of bad news about the public finances has been hidden and stored up for the new government. The skeletons are starting to fall out of the cupboard.” - The new cabinet has been discovering previously unknown contracts and uncosted spending commitments left by their spendthrift predecessors."
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http://www.timesonline.co.uk/tol/news/politics/article7127819.ece Meanwhile the Obamunist Administration is pretty openly using Fannie Mae as a means of crushing us with debt from which we can't recover. (Fannie was at the heart of the crash. Fannie now has unlimited spending covered by the government. Along party lines a bill was defeated to turn Fannie and Freddie into private entities.)
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From one of his commenters comes the Liberal spin you should be prepared will cross the pond. Because so many Liberals/progressives know in their heart their ideology is poison they must constantly make words mean something different from their actual meaning, they must constantly twist and spin. Coming to a politician near you, echoed by our Pravda media...
"The Labour government stopped describing all of this as 'spending' and called it 'investment' instead; so everything's fine then, and they will accuse the new government of cutting investment."