Can't say much about Obama's sell-out. He's a PR creature, designed to serve the US-American corporate elite. This isn't a "cave-in." This is what he wanted to do. His whole administration has been a pretense of caving-in to Tea-Bagger demands.
But keep in mind, government austerity during a recession is a recipe for economic disaster. And keep in mind that Canada's economy is dependent upon the health of the US-American economy. And keep in mind that our finance minister, Jim Flaherty, is a complete moron and that his boss, stephen harper, is a psychotic who thinks all his evil bullshit and stupidity has been recently vindicated with his winning a majority government.
Things are going to get a lot worse.