The U.S. budget deficit is even worse than you think

James Pethokoukis Political Risk ^ | August 25, 2009 | James Pethokoukis

[Stayfree]

Douglas Elmendorf, director of the Congressional Budget Office, notes that the forecasts presume no change in current tax laws...As Elmendorf dryly puts it: “Putting the nation on a sustainable fiscal course will require some combination of lower spending and higher revenues than the amounts now projected

[Stayfree]

If the Obamatron can't crush capitalism with socialism, then the Obamtron will crush it with national debt!!!

[Wisconsinlady]

More taxes and “fees”. (IE taxes on taxes.)

[Cheap_Hessian]

"sustainable fiscal course will require some combination of lower spending and higher revenues"

Brilliant!

[Jeffrey_D.]

Trouble is, we used to owe the national debt to ourselves;

Now we owe it to the Chinese et al.

They’ll want paid!!!

[Maceman]

Trouble is, we used to owe the national debt to ourselves; Now we owe it to the Chinese et al.

I take your point about owing it to the Chinese.

That said, the idea that "we owe it to ourselves," which I remember hearing argued in earnest by those who didn't think the debt was a problem, was always an absurdity.

[Jeffrey_D.]

I totally agree!

But now it’s “HUGH & SERIES”
;-)

[hoosier hick]

"...a sustainable fiscal course will require some combination of lower spending and higher revenues than the amounts now projected

Well, we know the first half of that will NEVER happen, and it's unlikely that the second half will happen, so where does the discussion go from here?

hh

[gorilla_warrior]

I’m not really worried about the national debt or the deficit. At some point the debt will be repudiated. America will split, and the liberal fascists will inherit the debt, while Free Americans start over with a new debt-free country, most of the resources of the US, a restored Constitution and a severely limited government. The larger the debt gets the more likely this will happen, so I say, party on, Obama.

[Stayfree]

My good friend, I want to be your neighbor...hope you like loud guns!

[gorilla_warrior]

I do like loud guns! The sound of heavy artillery in the morning - it’s the sound of VICTORY!