The Economy is in the crapper, the Nation is up to it’s eyeballs in debt, and the White House is scared:
WASHINGTON (AP) – The White House is being forced to acknowledge the wide gap between its once-upbeat predictions about the economy and today’s bleak landscape.
The administration’s annual midsummer budget update is sure to show higher deficits and unemployment and slower growth than projected in President Barack Obama’s budget in February and update in May, and that could complicate his efforts to get his signature health care and global-warming proposals through Congress.
The release of the update – usually scheduled for mid-July – has been put off until the middle of next month, giving rise to speculation the White House is delaying the bad news at least until Congress leaves town on its August 7 summer recess.
The administration is pressing for votes before then on its $1 trillion health care initiative, which lawmakers are arguing over how to finance.
The White House budget director, Peter Orszag, said on Sunday that the administration believes the “chances are high” of getting a health care bill by then. But new analyses showing runaway costs are jeopardizing Senate passage.
“Instead of a dream, this routine report could be a nightmare,” Tony Fratto, a former Treasury Department official and White House spokesman under President George W. Bush, said of the delayed budget update. “There are some things that can’t be escaped.”
The administration earlier this year predicted that unemployment would peak at about 9 percent without a big stimulus package and 8 percent with one. Congress did pass a $787 billion two-year stimulus measure, yet unemployment soared to 9.5 percent in June and appears headed for double digits.
Obama’s current forecast anticipates 3.2 percent growth next year, then 4 percent or higher growth from 2011 to 2013. Private forecasts are less optimistic, especially for next year.
Hope! Change! Obfuscation! Numbers Fixing! Just another day in Obama-land folks…..
2010 is looking mighty good for the Republican Party right now.
America cannot say that they were not warned; Fox News Channel, Every Conservative Blogger; including myself, warned the folks. If you elect this guy, he will ruin America and will worsen our Economy. But did America listen? Nope! They elected him anyhow. It is indeed the late 1970′s and early 1980′s all over again. Barack Obama’s Administration is Jimmy Carter 2.0. It will be interesting to watch and see, just how much this country will be “In the hole” and for how long.
Somewhere, John McCain is smiling.
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