Obama Deficit to Hit at Least $9 Trillion

Good news: Obama’s deficit estimate will not be $7.1 trillion.

Bad news: Obam’s deficit estimate will be at least $9 trillion.

Or, almost exactly what the non-partisan Congressional Budget Office (CBO) claimed it was going to be.

Of course, now Obama needs another plan:

Still, the Bush administration’s irresponsibility notwithstanding, it is time to stop crying “we inherited it.” The Obama administration needs its own clear, credible plan for restoring fiscal sustainability once the worst of the recession has run its course. Unless it can at least limit the growth in debt to the growth of the economy, investors will gradually lose faith in Treasury obligations, increasing the government’s borrowing costs — and turning a deficit crunch into a deficit spiral. In the worst case, unchecked debt could trigger a return to the double-digit inflation and interest rates of the late 1970s, only this time with massive U.S. obligations to foreign lenders such as China and Japan.

Except Obama has no such desire or plan to restore financial sustainability. The guy is already a walking lame duck — and he’s not going to put the brakes on his out-of-control spending on social programs or rewarding his cronies and stooges.