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 ...
Pelosi loves numbers. They’re so precise.
I know I don’t have $170,000. I guess I need a bailout.
Well get busy Dems, you’re short 10%.
Isn’t 40% of GDP the ‘break’ point that isn’t sustainable?
And somehow this will be spun as a good thing.
Spreading the wealth.
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.
Smart states will secede and say, “I ain’t paying for your party.”
hey that means we can all walk around with $1,000,000,000 bills in our pockets.
Not a problem. We can print all we need.
Greece is at 115% so look at what’s happening to them. We aren’t that far away from 115%.
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...
......They’re so precise......
Some would say 9.7% unemployment is 10% rounded and $9.75 trillion is a $10 trillion $$$ deficit
This makes me ill. The future for my children is so bleak. What have we allowed to happen?
We’re almost at 90% of GDP now, and will get there within the next couple of months or so.
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”.
But, but, but, it’s for the children..
What’s the world going to do when they don’t have the U.S. to blame all their troubles on?
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