Monday, July 20, 2009

Obama Administration Delays Release of Annual Midsummer Budget Update

The Obama administration is delaying release of the annual midsummer budget update which is usually released in the middle of July. Instead, they plan on releasing it in the middle of next month. It is likely that the delay it to avoid acknowledging the bad economic news. The speculation is that the reason for the delay it to help the Democrats push their health care and cap and trade bills. Both face strong headwinds and the administration likely fears that the news would insure both bills would fail to pass. Gibbs says the only reason for the delay has to do with the transition of administrations.;_ylt=AlJ59BFAXiOe.u1g2FSEpBIXr7sF

"The White House is being forced to acknowledge the wide gap between its once-upbeat predictions about the economy and today's bleak landscape.

The administration's annual midsummer budget update is sure to show higher deficits and unemployment and slower growth than projected in President Barack Obama's budget in February and update in May, and that could complicate his efforts to get his signature health care and global-warming proposals through Congress.

The release of the update — usually scheduled for mid-July — has been put off until the middle of next month, giving rise to speculation the White House is delaying the bad news at least until Congress leaves town Aug. 7 on its summer recess.

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