Naturally the White House waited until Friday evening to let this news out. It is catastrophic to his agenda even though he’ll want to blame George Bush.
The Obama administration has released new deficit numbers, and they are not pretty.The deficit for Fiscal Year 2009, which ended Sept. 30, came in at a record $1.42 trillion, more than triple the record set just last year.In addition, future deficits are currently projected to total $9.1 trillion in the coming decade.
The Democrats’ natural reaction will be to raise taxes. But that would hurt the alleged economic recovery. In fact, the Democrats are going to need to halt their spending spree. Likewise, if the Blue Dogs are serous deficit hawks, it will mean they must vote no on health care reform.