The Whitehouse Budget Office was counting on a fast recovery this quarter to raise tax revenues. Their deficit predictions for 2010 are dependent on a rapid recovery. In other words, the CBO and the Whitehouse Budget Office figures may be very optimistic if the economy continues to tank.
There's only one solution. Higher taxes and more deficit spending. /sarcasm
There's only one solution. Higher taxes and more deficit spending. /sarcasm You just know the Obama party line will be that their quick action to stablize the economy, it would be even worse. So the deficit spending will be needed even more now to further stabilize things (how do they define stabilize, anyway? Getting worse but not as quickly?) And we'll need those tax increases to pay for it all, of course.
These geniuses have figured out the formula for getting out of a hole by digging faster.