Federal budget is out of control

Washington Post:

A new White House forecast predicts that the federal budget deficit, which hit a record $1.4 trillion last year, will exceed that figure this year and again in 2011.

The $1.47 trillion budget gap predicted for 2010 -- when 41 cents of every dollar spent by the federal government would be borrowed -- represents a slight improvement over the administration's February forecast. The estimated gap for next year, $1.42 trillion, is larger than what was predicted in February, primarily because of a drop in expected tax receipts from capital gains.

White House budget director Peter Orszag noted in a conference call with reporters Friday that the president's budget is still on track to cut the deficit in half, as a percent of annual economic output, by the end of his first term. As the economy improves, the White House forecasts that the deficit will be just over $700 billion in 2013.

But at a time of heightened public anxiety about government borrowing, the forecast of three consecutive years awash in such high levels of red ink is certain to provide fresh ammunition to Republicans campaigning to regain control of Congress in the fall midterm elections.

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The only hope for getting control of spending is to elect a Republican Congress with lots of new Tea Party representatives. They need to make Paul Ryan the chairman of the Budget committee and implement his plan to cut spending.