White House points to smaller deficit numbers

Source: The Washington Post

The federal deficit is running significantly lower than it did last year, with the budget gap for the first half of fiscal 2010 down 8 percent over the same period a year ago, senior Obama administration officials said Monday.

The officials attributed the results to higher tax revenue and to lower spending than projected on bailing out the financial system. If the trend continues for the rest of the year, it would mean the annual deficit would be $1.3 trillion -- about $300 billion less than the administration's projection two months ago for 2010.

But by suggesting the deficit may have peaked, administration officials are taking a political gamble. If the favorable number does not hold up in coming months and the budget shortfall surpasses the $1.4 trillion recorded last year, voters in the November midterm elections could punish the Democrats for offering false hope.

No official statement on the deficit is scheduled until the release of a late-summer review.

Read more: http://www.washingtonpost.com/wp-dyn/content/article/2010/04/12/AR2010041204364_pf.html

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to make the pundits happy, we are toast. Why is this being framed as Obama's recession? Bush lost 10 million jobs over 8 years and now it's all Obama's fault? The unemployment rate in November not likely to be much better than it is today. I don't like the way the media is framing this. They are culpable for the language they use and the sides they take. Unsavory corporate whores!

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At least ones that will earn them more tax revenue? Sure they could do infrastructure jobs but those don't generate money unless you're planning on putting a toll every 10 miles. I for one am all for infrastructure jobs because it will lower the unemployment rate and will be tax dollars well spent, but the conservatives will throw a fit, yet they still haven't shared their solution with us all. Hmmm, how can one cut spending and create jobs very quickly....During a recession? And I'm talking about a proven method, not some strange idea or risk/chance where we are all crossing our fingers.