Posted on 03/20/2009 12:00:37 PM PDT by americanophile
WASHINGTON – President Barack Obama's budget would generate deficits averaging almost $1 trillion a year over the next decade, according to the latest congressional estimates, significantly worse than predicted by the White House just last month.
The Congressional Budget Office figures, obtained by The Associated Press Friday, predict Obama's budget will produce $9.3 trillion worth of red ink over 2010-2019. That's $2.3 trillion worse than the White House predicted in its budget.
Worst of all, CBO says the deficit under Obama's policies would never go below 4 percent of the size of the economy, figures that economists agree are unsustainable. By the end of the decade, the deficit would exceed 5 percent of gross domestic product, a dangerously high level.
The latest figures, even worse than expected by top Democrats, throw a major monkey wrench into efforts to enact Obama's budget, which promises universal health care for all and higher spending for domestic programs like education and research into renewable energy.
The dismal deficit figures, if they prove to be accurate, inevitably raise the prospect that Obama and his allies controlling Congress would have to consider raising taxes after the recession ends or paring back his agenda.
But without referencing the figures, Obama insisted on Friday that his agenda is still on track.
(Excerpt) Read more at news.yahoo.com ...
Remember when democrats were OUTRAGED by the cost of the war in Iraq?
Clueless poser, or Evil incarnate? Hard to call.
WAKE UP AMERICA! Give the House and Senate over to conservatives! That is the ONLY way to stop this trainwreck!
Forget about the TEA PARTY.
Lets start throwing the BREADFRUIT overboard like “MUTINY ON THE BOUNTY”
Wait til the people wake up.................oops! AMERICAN IDOL RE-RUNS ARE ON!....GOTTA GO!............
Astonishing!
bttt
They are in the process of enslaving the entire populace.
A trillion here, a trillion there, pretty soon we’re talking about some real money.
As soon as you find any conservatives running for office (as opposed to RINOs), let us know!
It was as high as 30% and above 10% of GDP in the mid to late 40s and we survived that decade....yes I know it was just post war but deficit spending is deficit spending. Extraordiary times call for extraordinary measures I guess. It is high but I don’t think the sky will fall from this.
Nah, with the inflation that will occur, it will only be as bad as $300 billion a year in last year’s dollars.
“Extraordiary times call for extraordinary measures I guess.”
I wish the extraordinary measure was CUTTING spending, not adding to it.
GOD Help US
Looks like Obama’s policies will be more than doubling the national debt as he advances his socialist agenda. And liberals keep complaining about Bush43`s increases in the debt ceiling of 67% over his eight years.
Guess that makes Obama the most fiscally irresponsible human being to ever walk the earth. LOL
Amazing. In two months, Obama has sealed his place as the worst President in American history.
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