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Thread: Budget Deficits to Be Worse Than Predicted - CBO

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    Banned Goobieman's Avatar
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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.
    Last edited by Goobieman; 03-20-09 at 03:15 PM.

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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?

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    Re: $1 trillion deficits seen for next 10 years

    Quote Originally Posted by Goobieman View Post
    $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.
    “Offing those rich pigs with their own forks and knives, and then eating a meal in the same room, far out! The Weathermen dig Charles Manson.”-- Bernadine Dohrn

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    Re: $1 trillion deficits seen for next 10 years

    Rahm is wrapping up a fish to mail to Doug Elmendorf as we speak.
    People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf.

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    $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."

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    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.
    Last edited by Harshaw; 03-20-09 at 05:17 PM.
    “Offing those rich pigs with their own forks and knives, and then eating a meal in the same room, far out! The Weathermen dig Charles Manson.”-- Bernadine Dohrn

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    Budget Deficits to Be Worse Than Predicted - CBO

    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


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    Re: $1 trillion deficits seen for next 10 years

    Quote Originally Posted by Harshaw View Post
    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?

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    Re: $1 trillion deficits seen for next 10 years

    So...

    is it the end of the world yet?
    "I do not underestimate the ability of fanatical groups of terrorists to kill and destroy, but they do not threaten the life of the nation. Whether we would survive Hitler hung in the balance, but there is no doubt that we shall survive al-Qa'ida." -- Lord Hoffmann

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    Re: $1 trillion deficits seen for next 10 years

    Quote Originally Posted by Arch Enemy View Post
    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.

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