New estimates from the White House on Friday predict the budget deficit will reach a record $1.47 trillion this year. The government is borrowing 41 cents of every dollar it spends.

If anyone still doubts that our country is in dire need of new leadership, this prediction of a staggering $1.47 trillion record budget deficit should serve as a wake-up call. Despite its blue ribbon line-up of economists, its commissions and its promises, it is horrifyingly clear that the Obama Administration, and the Pelosi-Owens Congress do not have a grasp of economics. If we are borrowing 41 cents of every dollar spent, there's one clear answer -- stop spending what you don't have. Bailouts must be a thing of the past. Tax hikes cannot be the answer. The high price tag hallmarks of the Democrats agenda -- such as the health care bill and the stimulus program -- need to be repealed or the funds re-appropriated. Gimmicks such as the 'War on Debt Bonds" suggested earlier this year by Rep. Bill Owens are not the kind of serious action this crisis calls for.