No-Nudette: Naked Accounting in the White House

"Transition financing does not represent new debt." - Joshua Bolten, White House budget director, when asked to explain why the costs for the President's plan to reform Social Security were not included in the President's budget. Cool! "Hey, GHIW - I'm finally going to replace the living room couch, reupholster that old chair of your mother's and get us a new TV, and it won't cost a thing. I'll just be transitioning from an old living room to a new one." "Baby, listen to me. I love this no-nudette concept. It applies to our kitchen, too. We can do this new-fangled 'transition financing.' First, we take a bunch of money, turn the old kitchen into a new kitchen. Then, we get another bunch of money when we sell the place and MOVE THE HELL AWAY FROM HERE. So really, I ask you, where's the expense?" Thanks for the magic accounting concept, Mr. Bolten.