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Budget Deficits to Be Worse Than Predicted - CBO

Goobieman

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$1 trillion deficits seen for next 10 years

$1 trillion deficits seen for next 10 years

WASHINGTON (AP) - President Barack Obama's budget would generate deficits averaging almost $1 trillion a year over the next decade, according to the latest congressional estimates, significantly worse than predicted by the White House just last month.

The Congressional Budget Office figures, obtained by The Associated Press Friday, predict Obama's budget will produce $9.3 trillion worth of red ink over 2010-2019. That's $2.3 trillion worse than the White House predicted in its budget.

Worst of all, CBO says the deficit under Obama's policies would never go below 4 percent of the size of the economy, figures that economists agree are unsustainable. By the end of the decade, the deficit would exceed 5 percent of gross domestic product, a dangerously high level.

The latest figures, even worse than expected by top Democrats, throw a major monkey wrench into efforts to enact Obama's budget, which promises universal health care for all and higher spending for domestic programs like education and research into renewable energy.

$1 trillion deficits seen for next 10 years

This is stunning. The Bush decificts pale in comparison.

But without referencing the figures, Obama insisted on Friday that his agenda is still on track.

Ya think?

Everyone needs to remember:
The ONLY way we run a deficit is if The Obama and the Dem-controlled congress CHOOSES to run one.
 
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Re: $1 trillion deficits seen for next 10 years

The man hates this country inwardly, and is attempting to destroy it from within. I'm growing more convinced by the day.

Fortunately, when he and Nancy asks for more money soon to bail out the banks that he's trying to turn us all against, this might become more difficult for him.

Has ever a first 100 days been more botched?
 
Re: $1 trillion deficits seen for next 10 years

$1 trillion deficits seen for next 10 years

This is stunning. The Bush decificts pale in comparison.

Pale? They more than double Bush's deficits at their very worst and approach 10 times the FY 2007 deficit.

You inherent conditions. You do not inherit any policy you don't want to keep. Running a deficit is a choice. Always.
 
Re: $1 trillion deficits seen for next 10 years

Rahm is wrapping up a fish to mail to Doug Elmendorf as we speak.
 
$1 trillion deficits seen for next 10 years

$1 trillion deficits seen for next 10 years

The Congressional Budget Office figures released Friday predict Obama's budget will produce $9.3 trillion worth of red ink over 2010-2019. That's $2.3 trillion worse than the administration predicted in its budget just last month.

That $2.3 trillion is a 32% variance between administration and the (non-partisan) CBO estimates.

Worst of all, CBO says the deficit under Obama's policies would never go below 4 percent of the size of the economy, figures that economists agree are unsustainable. By the end of the decade, the deficit would exceed 5 percent of gross domestic product, a dangerously high level.

The Administration's agenda and spending priorities are, by any even-handed measure, ill-considered, ill-advised, unaffordable, and unsustainable. Yet, the Administration merely dismisses such criticism:

White House budget chief Peter Orszag said that CBO's economic projections are more pessimistic than those of the White House, private economists and the Federal Reserve and that he remained confident that Obama's budget, if enacted, would produce smaller deficits.

The irony, of course, is that Orszag ran the Congressional Budget Office for 2 years before becoming White House budget chief. If CBO estimates are not worthy and reliable, what does that say of the man who ran the office until just a few weeks ago--and is the same man dismissing those CBO estimates?

Doublespeak, triplespeak, obamaspeak....just more idiocy and incompetence from Dear Leader's incarnation of "the best and the brightest."
 
Re: $1 trillion deficits seen for next 10 years

THIS comes from an e-mail from Americans United for Change:

"The sobering new deficit projections deliver a stark message that the economy is in even worse shape than was previously thought. It also underscores the urgent need to pass the bold initiatives on healthcare, education, energy and the economy laid out the President's budget. If we don't deal with the major underlying problems with the economy and make it possible for business to create jobs, our deficits will only continue to explode. We simply cannot achieve sustainable economic growth without fixing our broken health care system, reducing our dependence on foreign oil, and investing in tomorrow's educated workforce. Bottom line: the most effective way for Congress to begin to regain control of the federal deficit is to support the President's budget plan that is blueprint for rebuilding and renewing America."

So, the massive deficits identified as being caused by the budget only underscore the NEED for passing the budget right away . . . in order to FIX the deficits it causes?

Yeah. War is peace. Freedom is slavery. Ignorance is strength.
 
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President Obama's budget would generate deficits averaging almost $1 trillion a year over the next decade, according to the latest congressional estimates, significantly worse than predicted by the White House just last month.

The Congressional Budget Office figures, released Friday, predict Obama's budget will produce $9.3 trillion worth of red ink over 2010-2019. That's $2.3 trillion worse than the White House predicted in its budget.

U.S. Budget Deficit Forecast to Hit $1.8 Trillion This Year - First 100 Days of Presidency - Politics FOXNews.com

:sinking:
 
Re: $1 trillion deficits seen for next 10 years

THIS comes from an e-mail from Americans United for Change:



So, the massive deficits identified as being caused by the budget only underscore the NEED for passing the budget right away . . . in order to FIX the deficits it causes?

Yeah. War is peace. Freedom is slavery. Ignorance is strength.
wtf? How can any organization think this...perverted logic? Are they really this blind or are they really trying to bankrupt us?
 
Re: $1 trillion deficits seen for next 10 years

So...

is it the end of the world yet?
 
Re: $1 trillion deficits seen for next 10 years

So...

is it the end of the world yet?

That will happen 2012 according to the Mayan calender when Republicans regain control of the executive, legislative and judicial branches.
 
Re: $1 trillion deficits seen for next 10 years

That will happen 2012 according to the Mayan calender when Republicans regain control of the executive, legislative and judicial branches.

Even the 2012 end of the world based on the mayan calender idea is fear-mongering.
 
Re: $1 trillion deficits seen for next 10 years

Even then, it's silly. The Mayan calendar supposedly ends on 12/21/12. Even if the Republicans sweep, it'll be weeks before they take office.

Unless you're arguing that the Democrats, unwilling to face being turned out of power AGAIN, go ahead and destroy the world beforehand? :2razz:
 
Re: $1 trillion deficits seen for next 10 years

I was joking
Good someone thinks ruining the US economy and lives of future generations of US citizens is funny....... I 'spose. :roll:
 
Re: $1 trillion deficits seen for next 10 years

Good someone thinks ruining the US economy and lives of future generations of US citizens is funny....... I 'spose. :roll:

No someone thinks that the ruining of the U.S. economy is inevitable, and complaining like it's the end of the United States is slightly ridiculous. I'm sorry, but our children may not be able to have the Xbox 720 AND the Playstation 8 for Christmas.
 
Re: $1 trillion deficits seen for next 10 years

No someone thinks that the ruining of the U.S. economy is inevitable, and complaining like it's the end of the United States is slightly ridiculous. I'm sorry, but our children may not be able to have the Xbox 720 AND the Playstation 8 for Christmas.
My English is not too good as it is not my first language so I must be missing something here. What does the bolded part mean? Are you saying there is someone out there that does not think that .... ?
 
Re: $1 trillion deficits seen for next 10 years

My English is not too good as it is not my first language so I must be missing something here. What does the bolded part mean? Are you saying there is someone out there that does not think that .... ?

I'll translate for you.

No, someone (read: I) thinks that the U.S. economy is inevitably destined for ruin and complaining like it's the end of the United States is slightly ridiculous. I'm sorry, but our children may not be able to have the Xbox 720 AND the Playstation 8 for Christmas.

In other words, he's saying he thinks America's economic decline is a good thing and the biggest thing we have to worry about is our children not having enough to play with. So much for caring about the people who are struggling right now as it is...
 
Re: $1 trillion deficits seen for next 10 years

Good someone thinks ruining the US economy and lives of future generations of US citizens is funny....... I 'spose. :roll:

I think that happened when Bush did off book things in regards to the Iraq war and much more. I'm glad Obama put those expenses on the books.
 
Re: $1 trillion deficits seen for next 10 years

I'll translate for you.

No, someone (read: I) thinks that the U.S. economy is inevitably destined for ruin and complaining like it's the end of the United States is slightly ridiculous. I'm sorry, but our children may not be able to have the Xbox 720 AND the Playstation 8 for Christmas.

In other words, he's saying he thinks America's economic decline is a good thing and the biggest thing we have to worry about is our children not having enough to play with. So much for caring about the people who are struggling right now as it is...

Hold up, let me try to figure out what I meant.

Oh. Yeah I missed out on the comma.

I never said America's economic decline was a good thing. It is just an inevitability and we are going to have to deal with it. The purpose of the Xbox 720 and Playstation 8 is that we are going to have to make due with not having everything we want; notice the emphasis on the "and".
 
Re: $1 trillion deficits seen for next 10 years

Hold up, let me try to figure out what I meant.

Oh. Yeah I missed out on the comma.

I never said America's economic decline was a good thing. It is just an inevitability and we are going to have to deal with it. The purpose of the Xbox 720 and Playstation 8 is that we are going to have to make due with not having everything we want; notice the emphasis on the "and".

I agree that some people are spoiled and don't realize what they have. But at the same time there are a lot of people out there who can't afford an Xbox 360 or a PS3 and they're going to be hit the hardest. Somehow I don't find people losing their jobs and life's savings funny in the least.
 
Re: $1 trillion deficits seen for next 10 years

I agree that some people are spoiled and don't realize what they have. But at the same time there are a lot of people out there who can't afford an Xbox 360 or a PS3 and they're going to be hit the hardest. Somehow I don't find people losing their jobs and life's savings funny in the least.

I never said it was funny. I am not trying to amuse. I am saying that we are gonna have to stop complaining about it, and live with it. If there's a fix, buried on someone's desk, then that will be fine... I don't see that happening though. We are still going to be close to the top, but we will not be on par with our former glory...
 
Re: $1 trillion deficits seen for next 10 years

I never said it was funny. I am not trying to amuse. I am saying that we are gonna have to stop complaining about it, and live with it. If there's a fix, buried on someone's desk, then that will be fine... I don't see that happening though. We are still going to be close to the top, but we will not be on par with our former glory...

Nah, we don't need to just deal with it. That's the wrong answer. There is no "quick fix." It's going to take a lot of work and it's up to us, not the government.
 
Re: $1 trillion deficits seen for next 10 years

Nah, we don't need to just deal with it. That's the wrong answer. There is no "quick fix." It's going to take a lot of work and it's up to us, not the government.

So this is just a glitch in the system of a well-oiled American machine? That we will find a way to get us back to our economic glory of the 90's?

I'll have to disagree with you. Call me a pessimist (que actual pessimist responses), but to deny the leveling of American resources throughout the global is to ignore what is actually happening; we are no longer the central of capitalism, India is doing one hell of a job of providing high quality jobs, cheaper.


To see the wealth of Pre-2007/2008 America you would have to find a way to take it from the Indians. This, to me, seems like a global leveling of resources/wealth in a zero-sum world. We are going to have to get used to it, otherwise we risk digging ourselves further into this pile of ****.
 
Re: $1 trillion deficits seen for next 10 years

Since people are making this a partisan issue... I have one question...

How would Bush have done it differently?
 
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