Obama's Deficit: Trillion is the New Billion

White House Delays Budget Review to August

The Office of Management and Budget's annual midsession budget review -- an update of the White House's economic and deficit projections -- won't be released until August.

...The White House's latest forecast for the economy -- released in February -- now looks stale. At the time, the administration said it expected the economy to contract 1.2% this year before rebounding and growing 3.2% in 2010 and 4% in 2011. The old forecast also predicted that unemployment would average 8.1% this year. Last month, the jobless rate climbed to 9.5%.

If the administration's economic assumptions are revised downward, as economists expect, the already-record deficit would be stretched even wider.

OMB's current deficit forecast is for $1.841 trillion this fiscal year and $1.258 trillion in fiscal 2010, which begins in October.

Economists say the deficit could top $2 trillion this year, potentially coloring the debate over President Barack Obama's health-care and energy agendas.

The White House said it isn't unusual for the midsession review to be delayed in transition years. But Republicans see other motives. They say the White House is burying bad news – Congress will be in recess for most of August -- to help it push expensive health-care legislation through Congress.

"Try as they might, the White House cannot hide the fact that the policies of this Administration have buried our children and grandchildren under historic debt," House Republican Leader John Boehner said.

The label "tax and spend Democrat" really doesn't fit Obama. He's a new breed of Dem. Obama is, indeed, historic.

John McCain put it very well when he said that Obama and his administration are engaging in generational theft.

What an achievement!