Sarah Palin Blasts Obama's Handling of Debt Debate, Acknowledges That in Terms of 2012, It's Getting Late

ABC News' Sheila Marikar reports:

Sarah Palin blasted President Obama's handling of the debt crisis on Sean Hannity's Fox News show Wednesday night, saying the "plans under Obama are making absolutely no sense."

"It's absolutely nonsensical, the lack of planning that our leaders are exercising," she said. "Obama's job-killing policies are really the antithesis" of what the economy needs to get back on the right track.

"He doesn't know how to make those cuts," she said, regarding the nation's budget. "He's never had to do this before. He's always been willing to spend other people's money."

She also threw in war metaphors, saying Republicans, particularly House speaker John Boehner, "cannot afford to retreat ... we need to reload."

"We will not capitulate," she said. "We will not hand over more power to President Obama, which I believe is unconstitutional."

She urged Republicans in Congress not to wave a "white flag saying, 'Mr. President, we trust you, You take over.' Because the president has failed in that arena."

What if she were in Congress? Palin told Hannity she "would not vote to incur more debt. Not under this president, I do not trust him."

Nevertheless, Palin said she believes the debt ceiling will be raised.

As far as her 2012 prospects, the former Alaska governor maintained that she still hasn't decided what she'll do. But she acknowledged that the deadline to get into the presidential race is fast approaching, saying that by "August, of course, you have to be laying out a plan if you're going to be one to throw your hat in the ring."

She also reiterated that she's not satisfied with the current crop of Republican contenders.

"I'm not wholly confident that we have that filled set yet," she said.

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