BOOM: Obama to raise 10-year deficit to $9 trillion  

President Barack Obama left the White House on Friday for a 10-day vacation, taking with him the beloved family dog and leaving behind an acrimonious debate about a proposed overhaul of the nation's health care system.

But before slipping off in Marine One Team Obama left us with this great news: The Obama administration will raise its 10-year budget deficit projection to approximately $9 trillion from $7.108 trillion in a report next week, a senior administration official told Reuters on Friday.

The higher deficit figure, based on updated economic data, brings the White House budget office into line with outside estimates and gives further fuel to President Barack Obama's opponents, who say his spending plans are too expensive in light of budget shortfalls.

The White House took heat for sticking with its $7.108 trillion forecast earlier this year after the Congressional Budget Office forecast that deficits between 2010 and 2019 would total $9.1 trillion.

Obama, who has promised to halve the deficit by the end of his four-year term and likes to remind constituents he inherited a $1.3 trillion deficit from former President George W. Bush, says bringing down healthcare costs is critical to long-term deficit reduction. Ummmm ok.

Of course what Obama won't mention is that the Pelosi-Reid Congress has shattered spending records this year by a cool trillion. When the Pelosi-Reid Congress shatters spending records by a cool trillion this year alone, Team Obama SHOULD have complicated efforts in enacting new reforms. A responsible government would actually sit back, take in the numbers and withhold on additional spending, especially when the CBO says government spending is on an UNSUSTAINABLE PATH. Of course taking a break from spending would mean a break from ramming a leftish agenda down the throat of all Americans.

Treasury markets have been worried all year about the mounting deficit. The United States relies on large foreign buyers such as China and Japan to cheaply finance its debt, and they may demand higher interest rates if they begin to doubt that the government can control its deficits. And let's be honest, it can't.