From Snowflakes in Hell:
The real fear (well, other than new gun control, for our purposes) is that Obama will pass a massive new entitlement program, such as national health care. Entitlements are nearly impossible to get rid of once they are in place, so if Obama and Emanuel wants to waste taxpayer money by sending tax dollars to inefficient industries, rather than passing new entitlement, all the power to him. It will make rallying public opposition that much easier.
It would be pretty easy to cut off the bailouts, etc. It will probably leave us with a much bigger national debt, which isn’t so easy to make go away, but as Sebastian said, not as hard as nationalized health care, or other large entitlement programs. And the more bailouts, etc. the easier it will be to regain some seats in ’10.