I carefully read Guilford County Attorney Mark Payne’s reassurances that “there is just no way — no circumstance — where the local governments, cities or counties that use the recovery zone bonds will be liable.”

But again, this doesn’t take into account the cost to federal government, i.e. the taxpayer. As pointed out here, the interest subsidy and loss of revenue from the tax exempt bonds are likely to cost the government billions. In my mind, the fact that nobody’s really sure how this deal works means all bets are off.

All of which in turn makes President Obama’s plan to reign in spending a total joke.

Update: Filling in for Rush Limbaugh, Mark Steyn has my back on that last comment.