Good news: Obama hikes 10-year deficit projection from $7 trillion to $9 trillion

A late Friday afternoon candygram from the White House to help you get the weekend started right. And to think, China’s starting to doubt that American debt is a smart investment.

It’s a good thing our massive new health-care bureaucracy’s going to be deficit-neutral. Imagine how much higher this number would be if it wasn’t.

The Obama administration will raise its 10-year budget deficit projection to roughly $9 trillion from $7.108 trillion in a report next week, a senior administration official told Reuters on Friday.

“The new forecasts are based on new data that reflect how severe the economic downturn was in the late fall of last year and the winter of this year,” said the official, who is familiar with the plans.

“Our budget projections are now in line with the spring and summer projections that the Congressional Budget Office put out.”

The CBO said in June that deficits between 2010 and 2019 would total $9.1 trillion.

This would be the same CBO that’s been warning us for months that ObamaCare will be a massive boondoggle. (And even CBO might be lowballing it.) I wonder: How many economic projections has Team Barry utterly cocked up so far? Is anyone keeping a list? Off the top of my head, there’s this one, the infamous guesstimate that the stimulus would keep unemployment under eight percent, and the Cash for Clunkers funding that was supposed to last three months and ran out in a week. In these capable hands does the financial viability of universal health care rest. Exit question: Is this the stake in the heart of ObamaCare? One of the main reasons The One’s polling is deteriorating is public skittishness about deficits. Suddenly, in one fell swoop, the problem’s fully 30% worse than the White House thought, which all but destroys the credibility of their health-care projections going forward. (Not that they had much credibility to begin with.) It’s time to walk away, Blue Dogs.

Update: Sounds like he dumped this almost literally as he walking out the door for his 10-day summer vacation. Unbelievable.