This country is going bankrupt.....
Paul Krugman of the NY Times is among a number of liberals who are complaining that Barack Obama's economic plan is too timid. Keep that in mind as you read Strategas analyst Dan Clifton's budget analsis:
Yesterday’s Congressional Budget Office (CBO) release of the updated FY ’09 budget numbers showed a $1.2 trillion deficit for the fiscal year (8.5% of GDP). However, a closer examination of the report demonstrates these numbers are dramatically underestimated due to the scoring of TARP expenditures and obviously the fact that the stimulus was left out of the scoring (CBO is creating a budget baseline based on current law).Based on our analysis, the deficit is actually $2.2 trillion for the fiscal year or nearly 100 percent higher than is being reported. In fact, the deficit will finish the fiscal year at an astonishing 15.5 percent of GDP! Federal spending will rise to 32 percent of GDP.
YIPSTER - Let's debate it.