Reagan debt versus Obama's. Note: Reagan's is a historical reality; Only two years of Obama are reality.

Editor's notes: This was apparently put together fairly recently by the partisan White House Office of Management and Budget, which is different from the more non-partisan Budget Office.

In this chart, the Obama's budget office (this is the same bunch that says Obama has created or saved 3.5 million jobs ) has recorded the historical date for the fiscal year ending with September of 2009 and the 2010 fiscal year which will end in two months (September 30, 2010). The data is concrete for those years. Fiscal years 2011 and 2012 are in the future and show a rosier picture for lower deficits because they remain the fantasy possession of Mr. Obama.

Understand that when bad news is presented, usually its presentation is on Friday, maybe as late as midnight. In this case, it was earlier in the evening, Friday last.

The bad news???

From E-21:

They weren’t entirely successful in burying the report, but it’s understandable why they tried. The numbers are eye-popping. The budget deficit in 2010 is expected to set a record at $1.471 trillion – or 10% of GDP. In 2011, the administration projects the deficit will again top $1.4 trillion. From 2010 to 2020, the Obama budget plan would run up a cumulative deficit of nearly $10 trillion, and the nation’s debt would reach $18.5 trillion in 2020, up from $5.8 trillion at the end of 2008.

Even more ominous for the president is the economic forecast. It shows unemployment remaining at over 8% through the 2012 presidential re-election campaign, despite the assumption that relatively normal economic growth would have been underway for more than two years by then.

The primary problem is quite plainly out of control federal spending. In 2008, total federal outlays were about $2.9 trillion. President Obama wants to add $1 trillion to that total in 2011, or about a 33% expansion of governmental activity in just three years. And that’s just the beginning of it. By the end of the decade, federal outlays would reach $5.6 trillion, nearly double what they were a little more than a decade earlier, and that’s assuming a massive and speculative peace dividend after 2011 and cuts in domestic discretionary programs that the president has yet to identify. Of course, the baby boomers are also now entering their retirement years, and will begin flooding into the Social Security and Medicare program in the next few years, pushing spending on those programs up even more rapidly than they have grown in the past. By 2030, there will be 71 million Americans age 65 and older, up from 41 million this year.

Note: after finishing the E-21 article, read this Wall Street Journal piece. When finished , you will have an excellent overview of what is going on with the Obama Financial Fantasy Plan.

Editor's notes: what this means in a word is that the original reporting from the White House Budget Office has been amended by that same office and the amended news is not what the Obama Administration wanted to hear -- hence the darkness of a Friday night revelation. Instead of annual budget deficits coming in at 5.6 % of GDP, it will be closer to 10%. In fact, the projection is 10 billion in deficits through year 2020.

Understand that Obama intended on campaigning on the good news of lower deficits ---- even if he had to make up the numbers. And now . . . . . . . . . . . . . . he has no "official" back-up. Just in time for the midterms.