"Happy horseshit" is a phrase that describes news releases, speeches and other official language often produced by public relations people that puts the best possible - if often unrealistic - spin on a particular subject. A great deal of happy horseshit is often served up at political rallies, awards ceremonies, and in government and corporate communications in general.
President Bush informed the nation that America was on course to achieve its objectives in Iraq, though most of the viewing public assumed the statement was happy horseshit.
Phrase usually preceded with "a bunch of" referring to any number of persons, incidents, conversations, speeches, etc...in an unfavorable way. A fun way to say "bullshit" or "full of shit" while also lending a nice visual.
Colts win Superbowl 41?!?! Well, isn't that just a bunch of Happy Horseshit!!!