Results 1 to 2 of 2

Thread: Budget analysts project $1.1T federal deficit this year

  1. #1
    Professor
    Billy the Kid's Avatar
    Join Date
    Feb 2012
    Last Seen
    05-28-13 @ 02:29 PM
    Lean
    Undisclosed
    Posts
    2,449

    Budget analysts project $1.1T federal deficit this year

    Budget analysts project $1.1T federal deficit this year | Fox News


    "Prepare for another year of $1 trillion-plus deficits.

    The nonpartisan Congressional Budget Office projected Wednesday that the deficit for 2012 will run $1.1 trillion, the fourth year in a row the shortfall will exceed $1 trillion.

    The projection is down a bit from an earlier estimate pegging the deficit this year at $1.2 trillion.

    The report also warned that a new recession is likely if an ongoing stalemate over tax and spending cuts continues between Democrats and Republicans.


    Read more: Budget analysts project $1.1T federal deficit this year | Fox News



    Things aren't looking to good in the future. Is the "fiscal cliff" looming?
    "Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy; it's inherent virtue is the equal sharing of misery." Winston Churchill

  2. #2
    Professor
    Billy the Kid's Avatar
    Join Date
    Feb 2012
    Last Seen
    05-28-13 @ 02:29 PM
    Lean
    Undisclosed
    Posts
    2,449

    Re: Budget analysts project $1.1T federal deficit this year

    The report went on to say:

    "In its annual summertime report, the budget office said Wednesday that letting decade-old tax Bush tax rates expire and sweeping spending cuts occur in January -- which will happen without congressional action -- "would lead to economic conditions in 2013 that will probably be considered a recession."

    Read more: Budget analysts project $1.1T federal deficit this year | Fox News



    And . . . . . "a gloomier projection than the budget office made earlier this year when it envisioned slight growth under that scenario. Unemployment would rise to around 9 percent by late next year if the standoff persists, the analysts said. Read more: Budget analysts project $1.1T federal deficit this year | Fox News
    "Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy; it's inherent virtue is the equal sharing of misery." Winston Churchill

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •