19 August 2009 
RealClearPolitics is running and hosting my post today about understanding the upcoming deficit numbers.
The Mid-Session Review is a budget document released by the Administration each summer. It updates the Administration’s economic and budget forecasts. It shows the budgetary effects of any laws enacted since the President’s budget was released, as well as any new policies proposed by the President.
Within the next week the Obama Administration will release the Mid-Session Review. Next Tuesday morning the Congressional Budget Office will release their updated budget and economic forecast. Here are some things to watch for in these upcoming releases.
Excellent article. Although many economists will disagree that deficit spending automatically results in higher interest rates. The theory is reasonable, but data over the past decades are inconclusive on the point. We somehow managed to survive massive deficits at the end of WWII. Although this time, the spending curve keeps going up as opposed to returning to earlier levels.
I think most Americans feel like this: The party stalled when John Q. Public maxed out his credit card, but now his Uncle Sam arrived with an even bigger one to keep the it going. It's a lot of fun until the bill comes.
A few questions on the numbers.
Are Social Security and Medicare obligations included in these numbers?
Will these numbers include the government’s obligations to Fannie Mae and Freddie Mac?
The healthcare bills are “front loaded” in that they start taxing immediately and benefits several years out. Would you expect the administration to make the case then, that healthcare reform would improve the 2010 deficits without mentioning the negative long term effects?
What ever happened to his “NET SPENDING CUTS”?