Ed Morrissey at Hot Air had the catch of the day yesterday when he revealed, based on Congressional Budget Office internal projections distributed to Congress during the summer, that the Social Security system will spend more cash than it takes in during the government's next fiscal year ending September 30, 2010. Read about it there, or here, because you won't see the establishment media acknowledge the existence of these revelations.

Morrissey isn't clear as to when the report was prepared, but if it dates back to July or even early- mid-August, it's possible that Social Security will show a measly positive cash flow of less than $10 billion when the dust settles on the current fiscal year that will end next week, compared to +$72 billion a year ago. That's because the decay in Treasury's cash collections during the current quarter has been that bad.

Here's the relevant portion of the spreadsheet Morrissey obtained:

The Obama White House revised up 2009's budget deficit projections to $1.8 trillion Monday, and the press blamed it on George W. Bush.

Without considering how the current budget passed last year with virtually no Republican support, and that all spending associated with this record-breaking deficit was either approved by Senator Obama or signed into law by President Obama, news outlets echoed what Office of Management and Budget director Peter Orszag ascribed as the culprit in his blog: 

The deficits in these years, now projected to be 12.9 percent and 8.5 percent of GDP, respectively, are driven in large part by the economic crisis inherited by this Administration.

The New York Times accepted this assessment without question in its article on the subject Tuesday:

President Obama today announced $17 billion in "spending cuts" Thursday.

Here are the substantive early paragraphs of the the Associated Press's coverage of what the President had to say:

Obama sent Congress a detailed budget Thursday proposing to eliminate or trim 121 programs and save $17 billion next year — not a trifle, for sure, but only about half of one percent of the $3.4 trillion in federal spending for the fiscal year begining in October.

The size of the savings clearly was a sore subject at the White House.

"It is important ... for all of you, as you're writing up these stories, to recognize that $17 billion taken out of our discretionary, non-defense budget, as well as portions of our defense budget, are significant," Obama told reporters. "They mean something."

Still, Obama's hit list was smaller than the one President George W. Bush included in his budget last year targeting 151 programs for $34 billion in savings.

These alleged cuts mean almost nothing, according to the Heritage Foundation's Brian Riedl, who cut through the misdirection earlier today at The Corner (bolds are mine):