The president released his $3.8 trillion budget for Fiscal Year 2011 today. You can read his message to Congress here. The Obama administration projects a $1.6 trillion deficit for FY 2011; as Phil Klein points out, that is around $400 billion more than the White House predicted last year. If all goes according to plan — this almost never happens — the White House predicts that the deficit will fall to $727 billion by 2013 and the government-debt-to-GDP ratio will rise to 77 percent by 2020. Welcome to the New Era of Responsibility!

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