So maybe Obama's budget assumptions of future economic growth are wildly optimistic and most likely unreachable. Color me shocked.
Washington » The White House's top budget official declared on Sunday that "fundamentally, the economy is weak" while saying the administration's own financial predictions could need a revision by midyear.[...]Full story here.
Orszag said. "Let's see what happens, let it work. We'll have a mid-session review later in the year. We'll have an opportunity to revise the assumptions at that point."
That revision, though, seemed unavoidable.
Obama's budget assumes the economy will grow at about 3.2 percent. Given climbing unemployment, shrinking credit and a general frustration over a crumbling economy, that now seems unrealistic.