As if we didn’t see it coming, the White House released it’s speculated ‘09 deficit, and it’s a doozy.

The government’s budget deficit will surge past a half-trillion dollars next year, according to gloomy new estimates, a record flood of red ink that promises to force the winner of the presidential race to dramatically alter his economic agenda.

The deficit will hit $482 billion in the 2009 budget year that will be inherited by Democrat Barack Obama or Republican John McCain, the White House estimated Monday. That figure is sure to rise after adding the tens of billions of dollars in additional Iraq war funding it doesn’t include, and the total could be higher yet if the economy fails to recover as the administration predicts.

The administration actually underestimates the deficit since it leaves out about $80 billion in war costs. In a break from tradition — and in violation of new mandates from Congress — the White House did not include its full estimate of war costs

Well now that is just outstanding!  Way to go America!  Someone call the Guiness Book because we’re setting records here people!

Of course, Bush is leaving soon, so what will the next President have to do to clean up this mess?  Well first off, they may have to go back on some of their promises.

“Whoever becomes the next president will have a very, very sobering first week in office,” said Senate Budget Committee Chairman Kent Conrad, D-N.D.

McCain promises to renew the full roster of Bush tax cuts enacted in 2001 and 2003 and add many more for businesses and upper income people who pay the alternative minimum tax. The Bush tax cuts expire at the end of 2010 and renewing them would soon cost well over $200 billion a year. Eliminating the alternative minimum at the same time would cost almost as much.

Obama would repeal tax cuts on wealthier taxpayers and investors but would leave most of the Bush tax cuts in place while seeking additional cuts for senior citizens, the middle class and the working poor. And he also wants lots of new spending for health care, education and many other federal programs.

“There’s a total disconnect between today’s report and what we’re hearing on the campaign trail,” said Robert Bixby of the Concord Coalition budget watchdog group.

It’s amazing that we’ve gone from a record 10 year economic growth and surplus budget, to a record of a different sort in less than a decade.  And while it’s taken more minds to build this disaster than can be counted, we still have to give some credit to the man who declared himself “The Decider”.  Of course, to know how we got this far, maybe we first need to know how he got this far- so, here’s an added bonus readers…

The trailer for Oliver Stone’s “W.” the bio-flick about our Commander in Chief.

note: I have not seen the movie, I don’t know how good or bad it will be, or how accurate or inaccurate it might be.  However, the fact that the movie is even made and being released is newsworthy enough for me.

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