It seems every piece of bad economic news in the past 3-4 years has been 'unexpected'. The only thing totally expected is that every unexpected piece of negative news will be unexpectedly revised downward after publication.
Should Romney prevail in November, perhaps the MSM will actually start to do some real economic reporting again? Debt to GDP also clears 100% unambiguously in Q1, and the additional debt to economic growth clears $2.50.
Meanwhile Spain is downgraded significantly. It is likely to be an interesting summer, in the Chinese sense.
Clayton Cramer links a youtube video laying out a number of the budgetary themes we've put forward here at the Chariot of Reaction. Honestly, I think the video is, if anything, overly optimistic.