The Administration today released its update to the President’s annual budget proposal. The Mid-Session Review (MSR) doesn’t bring much good news for those worried about government overspending. Here are a few highlights:

According to today’s release, under current law, assuming Congress does not enact new fiscal policies, spending in fiscal year 2010 will be $3.547 trillion dollars (this is roughly the same as it was estimated to be in the Administration’s initial budget released in 2009). This would put spending at about $30 billion more than 2009 levels.

If Congress follows all of the President’s proposals, spending in 2010 would be $3.6 trillion – about $85 billion more than last year.