Newsflash: White House Says Debt is Big!

Whoa! Hold the presses, White House Budget Advisor, Peter Orszag says that huge deficits could cause the market to lose confidence in the creditworthiness of the Federal Government AND that we might "mortgage our future to foreign creditors."

In a move that some dubbed as "curious," Orszag repeated his warning in Greek (whose bonds got rated as "junk" today), Portuguese (whose bonds are slightly more valuable than bacalau a cozida [steamed codfish, the native dish]) and Spanish (whose bonds are now sold out of small tented stands in Morocco) .

Orszag acknowledged that it was "unusual" to be issuing such a warning FROM the White House and that it was analogous to "a cocaine addict snorting two more lines while telling everyone else that they really needed to quit."

Maybe Orszag sneaked a peak at this little pic: