This Washington Post chart, showing that our national fiscal outlook is either terrible (if you believe the White House) or appalling (if you believe the CBO), has been popular throughout the blogosphere:
Last March, the OMB director insisted that his estimate was better than the CBO estimate. But now, the OMB concedes that the CBO estimate was right, at least for this year, and next year is creeping up toward the CBO estimate as well:
This week, the Obama administration revised its own budget estimates and raised the projected deficit for this year to a record $1.84 trillion, up 5 percent from the February estimate. The revision for the 2010 fiscal year estimated the deficit at $1.26 trillion, up 7.4 percent from the February figure.