White House to project record deficits

Apparently, the White House is set to project record deficits:

The White House was expected on Tuesday to forecast a record budget deficit approaching a half trillion dollars this fiscal year — $150 billion worse than its earlier projections — with little hope of a turnaround any time soon.

This is just plain awful fiscal management. Not only is it incredible that a tax cut was issued with a projected $300 billion deficit, but now we see “oops! our forecast was off by 50%”. Sure, there’s new money being spent on Iraq and such ($58 billion between Iraq and Afghanistan, according to the article), but there’s still another $100 billion that was unprojected.

In the private sector, a CEO (or at least the CFO) would be fired for something like that.