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CBO report: Debt will rise to 90% of GDP
The Washington Times ^ | 3/26/2010 | David M. Dickson

Posted on 03/26/2010 7:28:59 AM PDT by NMEwithin

President Obama's fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation's economic output by 2020, the Congressional Budget Office reported Thursday.

In its 2011 budget, which the White House Office of Management and Budget (OMB) released Feb. 1, the administration projected a 10-year deficit total of $8.53 trillion. After looking it over, CBO said in its final analysis, released Thursday, that the president's budget would generate a combined $9.75 trillion in deficits over the next decade.

"An additional $1.2 trillion in debt dumped on [GDP] to our children makes a huge difference," said Brian Riedl, a budget analyst at the conservative Heritage Foundation. "That represents an additional debt of $10,000 per household above and beyond the federal debt they are already carrying."

The federal public debt, which was $6.3 trillion ($56,000 per household) when Mr. Obama entered office amid an economic crisis, totals $8.2 trillion ($72,000 per household) today, and it's headed toward $20.3 trillion (more than $170,000 per household) in 2020, according to CBO's deficit estimates.

(Excerpt) Read more at washingtontimes.com ...


TOPICS: Breaking News; Business/Economy; Front Page News; Government; News/Current Events; Politics/Elections
KEYWORDS: 111th; bhodebt; budget; cbo; debt; deficit; federalspending; fifth100days; healthcare; obama; obamacare; obamasnewmath; wearesoscrewed
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1 posted on 03/26/2010 7:28:59 AM PDT by NMEwithin
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To: NMEwithin

Pelosi loves numbers. They’re so precise.


2 posted on 03/26/2010 7:30:02 AM PDT by secret garden (Why procrastinate when you can perendinate?)
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To: NMEwithin

I know I don’t have $170,000. I guess I need a bailout.


3 posted on 03/26/2010 7:30:43 AM PDT by ilovesarah2012
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To: NMEwithin

Well get busy Dems, you’re short 10%.


4 posted on 03/26/2010 7:30:59 AM PDT by PogySailor (We're so screwed.....welcome to the American Oligarchy)
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To: NMEwithin

Isn’t 40% of GDP the ‘break’ point that isn’t sustainable?


5 posted on 03/26/2010 7:31:09 AM PDT by mnehring
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To: NMEwithin

And somehow this will be spun as a good thing.


6 posted on 03/26/2010 7:31:12 AM PDT by truthkeeper
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To: NMEwithin

Spreading the wealth.


7 posted on 03/26/2010 7:32:10 AM PDT by mikey_hates_everything
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To: NMEwithin

This nation will implode economically and socially if this happens.

The only way it will not happen is if the current Congress Critters are thrown out en masse, which is unlikely to happen.


8 posted on 03/26/2010 7:33:17 AM PDT by LowTaxesEqualProsperity
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To: NMEwithin
Thank G_ we got nationalized health care. Imagine what it would have been without all that cost cutting.</sarc>
9 posted on 03/26/2010 7:33:28 AM PDT by throwback (o)
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To: NMEwithin

Smart states will secede and say, “I ain’t paying for your party.”


10 posted on 03/26/2010 7:33:43 AM PDT by ClearCase_guy (I do not want the Union to be maintained. I want the US to break up. I support secession.)
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To: mikey_hates_everything

hey that means we can all walk around with $1,000,000,000 bills in our pockets.


11 posted on 03/26/2010 7:33:56 AM PDT by Perdogg (Nancy Pelosi did more damage to America on 03/21 than Al Qaeda did on 09/11)
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To: NMEwithin

Not a problem. We can print all we need.


12 posted on 03/26/2010 7:34:13 AM PDT by Altura Ct.
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To: NMEwithin

Greece is at 115% so look at what’s happening to them. We aren’t that far away from 115%.


13 posted on 03/26/2010 7:35:31 AM PDT by RC2
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To: LowTaxesEqualProsperity
The only way it will not happen is if the current Congress Critters are thrown out en masse, which is unlikely to happen.

I'm not so sure about that...there is enough voter ange....no...FURY out there that there will probably be a LOT of "Who are you?" thrown around in Congress next January...

14 posted on 03/26/2010 7:36:15 AM PDT by NorCoGOP (Recession: friend loses his job. Depression: You lose your job. Recovery: Obama loses his job.)
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To: secret garden

......They’re so precise......

Some would say 9.7% unemployment is 10% rounded and $9.75 trillion is a $10 trillion $$$ deficit


15 posted on 03/26/2010 7:37:24 AM PDT by bert (K.E. N.P. +12 . Ostracize Democrats. There can be no Democrat friends.)
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To: NMEwithin

This makes me ill. The future for my children is so bleak. What have we allowed to happen?


16 posted on 03/26/2010 7:38:32 AM PDT by buschbaby
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To: NMEwithin

We’re almost at 90% of GDP now, and will get there within the next couple of months or so.


17 posted on 03/26/2010 7:40:05 AM PDT by jpl
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To: ClearCase_guy

Your post brings up a good question. If a state seceeds would they not have to pay the USA a lot of money before they leave? Let’s face it, all the states got some of the stuff bought with the debt even though some states are “more equal than others”.


18 posted on 03/26/2010 7:40:54 AM PDT by Terry Mross (God, will you please send Pat Leahy to Murtha's house?)
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To: NMEwithin

But, but, but, it’s for the children..


19 posted on 03/26/2010 7:41:06 AM PDT by Arrowhead1952 (Remember in November.)
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To: NMEwithin

What’s the world going to do when they don’t have the U.S. to blame all their troubles on?


20 posted on 03/26/2010 7:41:31 AM PDT by demshateGod (The fool hath said in his heart, There is no God.)
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