WASHINGTON – Congressional Republicans on Sunday predicted a doomsday scenario of crushing debt and eventual federal bankruptcy if President Barack Obama's massive spending blueprint wins passage.
But a White House adviser dismissed the negative assessments, saying she is "incredibly confident" that the president's policies will "do the job" for the economy.
In a TV interview, Obama himself laughed when discussing the dire state of parts of the economy — and ascribed his laughter to "gallows humor."
White House Council of Economic Advisers chairwoman Christina Romer insisted that the nation's flailing economy will be rebounding by 2010.
Administration officials — and the president himself — have taken a cheerier tone despite economic indicators that are anything but positive.
Republicans say Obama's budget is no laughing matter.