CBO: Massive federal government deficits for the next decade

Even the Democrat controlled Congressional Budget Office predicts:

Based on budget scenarios outlined by House Speaker Nancy Pelosi, California Democrat, federal budget deficits will average $870 billion for the next 10 years, according to a new analysis by the nonpartisan Congressional Budget Office (CBO).

The latest CBO deficit estimates do not include the costly policy initiatives in health care, energy and education that the president mentioned in his Tuesday speech before a joint session of Congress. Mr. Obama will detail some of those plans Thursday when he introduces his first 10-year budget blueprint.

The CBO's estimates also do not include any extension of the temporary tax cuts that were contained in the $787 billion stimulus package that the president recently signed into law. Based on his campaign promises, Mr. Obama intends to extend several costly stimulus provisions well beyond 2011, when many of them are set to expire.