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I Was Wrong! Probably!

A couple of weeks ago I suggested that the political problems facing President Obama's health reform would only get worse when his Office of Management and Budget released its required mid-year review of the budget deficit, coming later this week. Reason: I expected the recession to drive the deficit beyond the $1.8 trillion the administration expected back in March. Now, according to this report, it appears that won't happen. The deficit will likely come in at a mere $1.6 trillion.

The number is lower-than-expected because the Treasury won't need an extra $250 billion to bail out banks, as it had assumed in the original Obama budget plan. So while this is good news, it's more attributable to luck regarding the state of the banks than changes in the government's fiscal policy, such as tax increases or spending cuts. Next year's budget forecast may go up, because of worse-than-forecast unemployment numbers.

Still, as long as the current deficit stays within this admittedly fantastically high range, it's good news for the budget -- and good news politically for the White House. I suppose it's about time they got some.

By Charles Lane  | August 17, 2009; 3:00 PM ET
Categories:  Lane  | Tags:  Charles Lane  
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So the good news is "attributable to luck regarding the state of banks." I recollect the banks in a total meltdown at the end of the Bush presidency. Can't Obama take any credit for the stabilized state of the banks now?

Posted by: chasbo2 | August 17, 2009 4:07 PM | Report abuse

Mr. Lane,

Anything other than Obama did right, luck, anything other than he did it right. Correct me if I'm wrong, you were grandstanding for that last totally incompetent president who got us into this mess, now your just critical of anythin democratic, at least your limited intelligence is predictable

Posted by: rosenfan1 | August 17, 2009 5:56 PM | Report abuse

What a nasty snarky little twit this Lane is...

"...I suppose it's about time the WH got some (good news)", he grudges, while explaining why he is wrong again.

And of course the good news is only "luck".

Where does the Washington Post get these nasty neocon losers: all they have left now.

Posted by: kindfrazier | August 17, 2009 7:39 PM | Report abuse

It seems to me therre is little advantage in being an America hating Lymbaugh sycophant.

That is the way of Crazy Mcain Lady, self cutters, birthers, tea bag ladies, and the Obama is Hitler with Death camps brigade.

Ans wearing tin foil hat only results in people looking at you like you are nutsy kookoo.

Posted by: walker1 | August 17, 2009 9:15 PM | Report abuse

"What a nasty snarky little twit this Lane is..."

How can you speak of him so kindly??

Posted by: thrh | August 17, 2009 10:18 PM | Report abuse

If this is good news I hate to see what bad news is.

Posted by: charlie448 | August 18, 2009 7:04 AM | Report abuse

"What a nasty snarky little twit this Lane is..."

How can you speak of him so kindly??

One of the reasons the left in this country is so beloved. Instead of writing something of substance, they resort to name-calling. Wait a second! Isn't that what we accuse Rush Limbaugh and Sarah Palin of doing? Oh, the horror!

Posted by: sailhardy | August 18, 2009 8:23 AM | Report abuse

Where you were wrong, Lane, was in giving any credence to Palin's "death panels" accusation.

Of course, you would not admit it. It wuld make you just as stupid and inflammatory as Palin is.

Posted by: Gatsby10 | August 18, 2009 8:24 AM | Report abuse


Posted by: mot2win | August 18, 2009 2:36 PM | Report abuse

We now see the Dems draw the line in the sand on healthcare reform. They pass a decent bill, with public option putting for profit healthcare slowly out of business lowering costs, the GOP will be saying "Is this the end of Rico." A one party system works against American interests. I hope they wake up before it is too late.

Posted by: jameschirico | August 19, 2009 8:16 AM | Report abuse

As my teenage daughter frequently texts "OMG"

Is this columnist (LANE) on crack? He's happy that the deficit is ONLY 1.6 trillion not 1.8 trillion? It's obvious this man has a bromance with Barrack Obama, and is trying desperately, to make good news out of a complete catastrophe.

Hey Lane, stop writing, go into circus barking you'll make more money and have more integrity. Your president just doubled the national deficit in 6 months AND THE SPENDING DID NOT WORK.



Posted by: TonyV1 | August 19, 2009 10:32 AM | Report abuse

This guy Lane is an utter tool.

Posted by: kenonwenu | August 19, 2009 11:27 PM | Report abuse

Hey Lane! If this writing gig doesn't work out, you should get a job on Wall Street..I see that you've got something in common with the crowd that "got drunk" and put us in this mess..Like those wall street execs, you demonstrate an "arrogance" that is only exceeded by your "ignorance"...The administration was "lucky"??...So that's why the deficit is less than you predicted??..Since this section is entitled "PostPartisan", why don't you start by being less "partisan" about the idea that you could actually be wrong on occasion. What a weasel!

Posted by: TruthHurts2 | August 20, 2009 12:52 PM | Report abuse

Well, I can only assume if through "bad luck" the number was higher than expected, you would attribute the outcome to that bad luck and still praise the Obama administration for its management of the fiscal crisis.



Posted by: fairfaxvoter | August 20, 2009 6:38 PM | Report abuse

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