Video- President Obama Encouraging Long-Term Fiscal Responsibility and Reform

Source: White House to paint grim fiscal picture

By GottaLaff

So, "Source" says the White House will paint a grim fiscal picture. Source who? They never give their last name. Neither does that ubiquitous scamp, "Sources", come to think of it.

At least "Anonymous Sources" provides both a first and last name:

The White House will predict a record budget deficit in the current fiscal year and more big shortfalls for the next decade in its upcoming budget proposal, a congressional source told Reuters on Sunday.

Oh, now I recognize the name! "Congressional Source". Why didn't they just say so?

In its budget proposal to be released on Monday, the White House predicts a record $1.6 trillion budget deficit for the fiscal year that ends September 30, the Capitol Hill source said.

According to the estimate, deficits will narrow to $700 billion by fiscal 2013 before gradually rising back to $1.0 trillion by the end of the decade, the source said.

Oh, so now it's "The Source" and "Capitol Hill Source". Playing footsie with us are you?

Deficits are expected to rise again toward the end of the decade due to the increasing cost of retirement and healthcare programs as the "baby boom" generation retires. [...]

The grim forecast could help build support for a bipartisan commission proposed by the White House that would recommend ways to address long-term budget problems.

Now if you'll excuse me, I have a call coming in from "Some Say" on line 2.

Video- Obama proposes "Pay as you go"

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Obama Bans Bush Budget Gimmicks

I'm sure the GOP will be screeching with no irony, quoting how much "bigger" Obama's budget is now...

"For his first annual budget next week, President Obama has banned four accounting gimmicks that President George W. Bush used to make deficit projections look smaller," the New York Times reports.

"The price of more honest bookkeeping: A budget that is $2.7 trillion deeper in the red over the next decade than it would otherwise appear."

California in deep doo doo

And yes, I do believe that is the current technical term. California can't pay it's bills, is paying to stop projects that will cost as much to start back up and Republicans are still obstructing the budget.

With California facing a staggering budget deficit of $41 billion, the New York Times notes Gov. Arnold Schwarzenegger's (R) budget woes far outweigh those of his predecessor, Gray David (D), "whom he drummed from office in a 2003 recall that stemmed from the state's fiscal problems at the time."

In fact, with "its lawmakers intransigent and its governor apparently free of allies or influence," the state "appears headed off the fiscal rails."