Remember when the White House was arguing to pass the stimulus bill and said if it passed unemployment would top out at eight percent and start declining after the third quarter of last year? The White House would rather you forget that:
The White House said Friday it expects that unemployment will stay at or above 9% until 2012, but at the same time forecast that the economy will grow by at least 4% in 2011 and 2012.
It also revised its long-term deficit estimate under President Obama's proposed 2011 budget: The administration now believes the 10-year deficit will be $58 billion less than projected in February when the budget blueprint was first released.
Under the revised estimates, Uncle Sam will ring up $8.474 trillion in deficits between 2011 and 2020, down from the $8.532 trillion estimated in February.
Oh, we're only going to run $8.474 trillion in deficits over the next decade? Let me break out the party hats.