The combination of added national debt in the trillions, the huge increase in money supply to fund the bailouts and the reduction in private lending as government borrowing crowds out the private sector will lead to inflation, high unemployment as private investment is suppressed, and high interest rates as the government borrows more to pay bond holders and bad debt holders that it has bailed out. Oh, and higher taxes probably. Goverment investment in everything will suffer.

The next President will have no flexibility to do anything much. We can maybe save some money by ending the war in Iraq, but that's going to look like a drop in the bucket.