Why would not Obama just write another check for a trillion dollars and bail them out? He has already spent $5 trillions of dollars, what is one more, especially if it gets him reelected?
The Democrats need no budget because they just spend, borrow, print, complain that anyone with a job is not paying his/her "fair share," and blame Bush.
Milton Friedman was absolutely right. Deficit spending squanders capital and leads to poverty. Financial gimmickry does not create capital. Bankruptcy is not a mere abstraction, it is a cruel, unforgiving reality.