W.H. Hikes Deficit Estimate by $2T ( That's 2 TRILLION DOLLARS!)

POLITICO ^ | August 21, 2009 | Amie Parnes and Eamon Javers

[kellynla]

The White House is likely to dramatically increase its projected 10-year budget deficit estimate next week by nearly $2 trillion, senior administration officials said Friday.

Obama administration officials have concluded the economy was much worse last year — and tax revenues much lower — than they had initially assumed, which means that the estimated budget deficit will increase from $7 trillion to about $9 trillion over the coming decade.

The planned revision was first reported by Reuters, and White House officials confirmed that account for POLITICO.

There’s no doubt the revision will be interpreted as bad news for an administration whose deficit spending has emerged as a political Achilles' heel.

Already, Republicans have been gaining political traction by accusing Obama of budget-busting spending.

Earlier in the week, even billionaire investor Warren Buffett — a political supporter of Obama — wrote in an op-ed that massive spending leaves the nation in “uncharted fiscal territory.” Still, echoing the Obama line, he said stimulus spending is necessary in the short term, but that the government must take aggressive steps to curtail spending after the economy begins to grow again.

That’s why any worsening of the deficit forecast is likely to be seen as bad news inside the White House. The timing of the story’s release fits a classic Washington media strategy of dumping bad news late on Fridays, as voters are less likely to hear about news that breaks on Friday nights and appears on a Saturday.

[Condor51]

Our Milky Way Galaxy has at the most 'only' - 200 Billion stars.

*** No pun intended: Those are truly astronomical numbers. Wow. ***

Yes they are astronomical numbers, that's the problem with Congress. They have no concept of 'size', or numbers. And when you have to put government spending in astronomical numbers to grasp them, 'Houston We Have A Problem'. (pun intended)

[The Milky way may only have One Billion Stars (which I've heard on Cosmos). Nobody really knows for sure as near the center they're so close together that counting is near impossible (typical for all galaxy's). Which would make the Two Trillion & Galaxy Star size comparison even more eye popping]

[paulycy]

I’m over 50 and it has only been in the last few months that I’ve had to start thinking seriously in terms of trillions of dollars. Now those trillions represent debts owed by my children and (someday) grandkids.

It’s way too much too fast and it’s not that we can’t keep up intellectually. It’s too much debt too fast and congress needs to be reigned in IMMEDIATELY.