Barack Obama signaled to the ECNPC (the ever compliant national press corps) last week, that they should make a big deal of his proposed $17 billion in spending cuts for the 2010 fiscal year, many of which (40%) were originally proposed by George Bush a year ago and not accepted by the Democratic controlled Congress at that time.
Today comes word that the new estimate for the deficit for 2009 is about $100 billion higher than thought just a month ago (and that incremental deficit, more than 5 times the size of Obama's proposed cuts, will be run up just in the remaining five months of the fiscal year).
The 2010 deficit number has also been revised -- also likely higher by nearly $100 billion. Expect more increments to this number as the year goes on.
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