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Thread: Obama to hike 10-year deficit to $9 trillion

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    Obama to hike 10-year deficit to $9 trillion

    Obama to hike 10-year deficit to $9 trillion | U.S. | Reuters

    The Obama administration will raise its 10-year budget deficit projection to roughly $9 trillion from $7.108 trillion in a report next week, a senior administration official told Reuters on Friday.

    "The new forecasts are based on new data that reflect how severe the economic downturn was in the late fall of last year and the winter of this year," said the official, who is familiar with the plans.

    "Our budget projections are now in line with the spring and summer projections that the Congressional Budget Office put out."
    His parting shot before taking off for two weeks: more debt.

    Rather nice of him to admit that the CBO had a better grasp of his shopaholism than his own people.

    And what will be his solution to all this debt? Why, more spending of course!

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    Re: Obama to hike 10-year deficit to $9 trillion

    The Obamabots will be here soon.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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    Re: Obama to hike 10-year deficit to $9 trillion

    Quote Originally Posted by American View Post
    The Obamabots will be here soon.
    Haven't the Obamabots been telling us the deficit is already at 10 trillion?
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Obama to hike 10-year deficit to $9 trillion

    Quote Originally Posted by apdst View Post
    Haven't the Obamabots been telling us the deficit is already at 10 trillion?
    If they have they lied. It's more than that.

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    Re: Obama to hike 10-year deficit to $9 trillion

    This is astounding. All the bitching these people did about Bush's spending and he was a penny pincher compared to this ass clown we have in their now that they are supporting. I don't think people truly understand what a very dark path we are headed down and what kind of catastrophe we are going to be faced with when the IOUs run out.

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    Re: Obama to hike 10-year deficit to $9 trillion

    Quote Originally Posted by Don't Tase Me Bro View Post
    This is astounding. All the bitching these people did about Bush's spending and he was a penny pincher compared to this ass clown we have in their now that they are supporting. I don't think people truly understand what a very dark path we are headed down and what kind of catastrophe we are going to be faced with when the IOUs run out.
    This is COMPLETELY different, he has a (D) behind his name.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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    Re: Obama to hike 10-year deficit to $9 trillion

    Quote Originally Posted by Don't Tase Me Bro View Post
    I don't think people truly understand what a very dark path we are headed down and what kind of catastrophe we are going to be faced with when the IOUs run out.
    A dark path?

    Not really. It has more to do with practicality than partisanship.

    TARP was needed. Both Dems and GOP during the campaign agreed. The Banks could not under any circumstances be allowed to fail.

    The business community aggresively lobbied Congress for TARP. They knew and understood the peril the US faced more than most.

    It had to be done, much the same way a collapsed bridge over a very important commerical road has to be re-constructed.

    The stimulus package?

    Again, another round of monetary infusion that was needed.
    Last edited by The_Limt; 08-21-09 at 08:18 PM.

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    Re: Obama to hike 10-year deficit to $9 trillion

    Quote Originally Posted by The_Limt View Post
    A dark path?

    Not really.

    TARP was needed. Both Dems and GOP during the campaign agreed.

    The stimulus package?

    Again, another round of infusion that was needed.
    The stimulus package has done absolutely nothing and that's pretty much universally agreed on. The spending problem goes far beyond that and TARP. And yes, we are on a very short road to a dead end, but I don't really expect someone as economically ignorant as you to understand a damn thing about what I'm talking about.

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    Re: Obama to hike 10-year deficit to $9 trillion

    Quote Originally Posted by Don't Tase Me Bro View Post
    The stimulus package has done absolutely nothing and that's pretty much universally agreed on. The spending problem goes far beyond that and TARP. And yes, we are on a very short road to a dead end, but I don't really expect someone as economically ignorant as you to understand a damn thing about what I'm talking about.
    It is not universally agreed upon that it has done "absolutely nothing."

    Not at all.

    A lot of experts have different views on the effectiveness of the effort.

    The consensus, if you read the record of some of the most prestigious academics, is that the US averted a major financial disaster.

    The job numbers will rise, albeit slowly. Its only a matter of time.

    As to your insult per "someone as economically ignorant as you to understand a damn thing about what I'm talking about."

    It is not interesting and not worth a response.

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    Re: Obama to hike 10-year deficit to $9 trillion

    1. i don't think some of you appreciate how big this news is

    2. a TWO TRILLION dollar readjustment in projected debt

    3. from 1.708 trillion to 9.0

    4. and THAT's according to the WHITE HOUSE

    5. it's exactly what cbo and others outside the admin have been saying all along

    6. in other words, he's WRONG once more

    7. and off by TWO T's, ie, not just a LITTLE BIT

    8. the public option, ALREADY DEAD, is now OUTTA THE QUESTION

    9. plans to spend an additional $1T to $1.6T for ANY KIND of health care is impossibly unsellable NOW to the conrads, baucuses, mccaskills, dorgans...

    10. let alone the dogs, freshmen and gubs

    11. he's gonna scare off the LIBS with numbers like these

    12. this "adjustment" is based on "spring and summer projections" from cbo

    13. do you know what THIS means?

    14. the dank, dark DEPRESSION deepens

    15. and NO ONE will believe this president anymore

    16. he promised to cut the DEFICIT IN HALF

    17. if he says it's raining in dc, everyone will have to google it

    18. our ability to finance our debt is not "threatened," that's not a strong enough word

    19. this is not politics i'm speaking, here, not spin

    20. it's SADLY 100% verbatim truth

    21. how many decades have you spent studying inside-dc doings?

    22. that is, i'm afraid you'll soon see the DISASTROUS effects---economically, politically---of this story

    23. is he gonna try to BLAME this on bush, too?

    24. or the gop minority in the house?

    25. cable tv, insurance companies, the cambridge pd?

    26. china and japan MUST demand significantly higher interest rates

    27. that's if they even decide to continue to play with us

    28. devastatingly dire developments for the bond markets

    29. like PHYSICS, like MATH---economic LAW

    30. look for frantic efforts to raise taxes, and not just on the rich

    31. there aren't enough wealthy among us, they don't have enough money

    32. he's gotta go after the middle class

    33. a deadly downer, a two trillion ton ankle weight, on economic growth going forward

    a very bad day in america
    Last edited by The Prof; 08-21-09 at 10:48 PM.

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