Rachel Maddow

Watch it over here - with a blog that really puts the President's proposal into perspective (and calls for a primary against him).

Once you factor in inflation, what the president will be proposing is actually a reduction in government spending. You might recall that John McCain ran for and lost the presidency on the idea of answering economic calamity with a spending freeze, since that's the kind of strategy that Herbert Hoover used in the 30s to make the depression great.

Emphasis not mine.