One day after President Obama's personal celebration of his "economic stimulus" package -- which launched $787 billion in unfunded federal spending but failed to keep unemployment from clearing 10 percent (but did secure some public union jobs) -- Matt Miller writes in today's Washington Post that "the current panic over the national debt is a little mad." Miller grants that, if the White House's own projections of nearly a trillion dollars in new deficit spending per year over the next decade prove to be right, "these levels of debt would be country-wrecking, next-generation-crushing and downright wrong." But he remains optimistic that these White House projections won't become reality, and he defends Obama's deficits to date as "unavoidable -- and indispensable."

So, how big are those deficits? As I write in today's Investors Business Daily, according to the Obama White House's own projections, "Obama's deficit spending for his first two years in office will exceed Bush's deficit spending for his entire eight-year presidency."

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