The White House expects the federal government to run-up a $1.47 trillion deficit this year — a new record for the fiscally disastrous leadership in Washington. According to the Associated Press, that means the federal government will have to borrow 41 cents for every dollar it spends.

And that’s not the only bad news. Get ready for long-term high unemployment:

The new estimates paint a grim unemployment picture as the economy experiences a relatively jobless recovery. The unemployment rate, presently averaging 9.5 percent, would average 9 percent next year under the new estimates.

And here’s some ominous news for Democrats: By 2012, the Office of Management and Budget expects the average unemployment rate to be about 8.1% — a rate still higher than Obama promised after passage of the $787 billion stimulus package.

In short: Things are so bad in the economy that Republicans will be able to run on fiscal and employment issues in the next presidential election. In fact, if these predictions come to fruition, Republicans will still be able to run partially on the failure of the stimulus package alone. Never mind an unemployment rate several points higher than the historical average.