You know the sound that a large truck makes when it backs up? Beep-beep-beep. Well that sounds like what's coming out of Congress since the nonpartisan Congressional Budget Office said it didn't see any savings in the health care proposals but rather an increase in the deficit of a potential $230 billion.
Backing up they go since they see even Obama's polls are down. The most recent Washington Post/ABC poll showed a decline to 49% from 57% of those that approve of the President's handling of the health care situation. 44% versus 29% prior poll actively disapprove. Greg Valliere would tell you Washington is a town driven first, second and third by the polls and the establishment is getting nervous.
Larry Summers acknowledged that the Administration was off on its estimates for unemployment and the shape and speed of the recovery. The White House has chosen to delay its midsummer budget update.
They will have to show higher deficits, higher unemployment, and slower growth estimates than the last summary. It could be they are delaying the report until Congress leaves on its August 7th vacation (that date can't come soon enough!) It's tough to deliver a gloomier outlook and try to muscle through an expensive "who knows how we are going to pay for it" health program.