Deficit Grows Larger.

The Obama Administration is now admitting that this year's deficit will be much larger than it projected a few weeks ago.  From David Lightman at McClatchy: 

The new administration budget said that the fiscal 2009 deficit would reach $1.84 trillion, or $89 billion more than forecast in February, while the 2010 figure now is estimated at $1.26 trillion, or $87 billion above the previous number. The fiscal 2008 deficit was $459 billion.

But of course, the projections are a fantasy.

Economists scoffed at the latest administration predictions.  "If they keep playing this game, they're going to have real credibility problems," predicted Brian Bethune, the chief U.S. financial economist at IHS Global Insight, an economic research firm.

The real 2009 deficit will be considerably larger.  I am betting on more than two trillion.  Bear in mind, that's not the total debt, but the figure added to the debt this year.  It might be that this will matter.  President Obama would like to do all kinds of wonderful things about health care and the environment.  But those wonderful things come with wonderful price tags attached.  Obama will approach them having not only run out of our money, but having run out of everyone's money for the next decade.