1. The White House, at the end of the business day on Friday, while packing the SUV for Martha's Vineyard, admitted it was WRONG all along, that CBO rather was right, to the tune of TWO TRILLION increased dollars added to the administration's OWN projection of its OWN deficit over the next 10 years
2. TWO TRILLION DOLLARS!
3. That's a pretty big MISTAKE, there, Mr President
4. You guys up there might need to buy a BETTER CALCULATOR
5. Obviously, the White House was forced by REALITY into making such suicidally self-critical concessions
6. The MEANINGS of $2T dollars of mistake are many
7. Obviously, the economy's performance in the Spring and Summer has desperately disappointed
8. Clearly, the executive's credibility, proceeding forward, when it comes to numbers is shot
9. And his jovian ambitions to reform health care, already in terminal condition, have certainly just encountered their own DEATH PANEL, America simply can't afford them
10. Even without the trillion dollars plus of Obamacare---which aint gonna happen, no way, no how---we're looking at across-the-board tax increases, runaway inflation and exploding interest rates, an economic tsunami even Sauron couldn't assemble
11. "Misery Index" as a buzzword will revive, worse than Carter
12. A cynic might wonder if the president's downloading this devastating data could possibly be an effort to CONVINCE his own LEFT that THEY just can't have everything they want
13. Except, CBO was gonna tell everyone anyway
14. And poor Ms Pelosi never was gonna get her way, no matter
15. Obamacare, as currently conceived, is kaput, including "public options," even "co ops," whatever the heck they exactly were
16. He's gonna have to try for a rifle-scope approach, stick to pre-existing conditions and portability
17. Gosh, who can the Excuse Maker in Chief BLAME this on?
18. The American consumer?
19. Our workers, not productive enough?
20. Gravity, always so UNFAIR?
New deficit projections pose risks to Obama's agenda | U.S. | Reuters
WASHINGTON (Reuters) - President Barack Obama's domestic policy proposals will face the reality of skyrocketing deficits on Tuesday when officials release two government reports projecting huge budget shortfalls over the next decade.
The White House budget office and the Congressional Budget Office (CBO), a non-partisan arm of Congress, release updated economic forecasts and deficit estimates on Tuesday, providing further fiscal fodder to opponents of Obama's nearly $1 trillion healthcare overhaul plan.
Looking forward, an administration official told Reuters the 10-year budget deficit projection will jump by about $2 trillion to roughly $9 trillion from an original forecast of $7.1 trillion.
The CBO had previously forecast that deficits between 2010 and 2019 would total $9.1 trillion, generating heat for the White House, which stuck to its original $7.1 trillion forecast earlier this year. The new number will bring White House projections into line with the CBO, the official said.
In line or not, the political challenges of the updated deficit projections are numerous. With Congressional elections looming next year, Obama will need to show he is serious about cutting costs in order to neutralize an otherwise politically radioactive issue for both political parties.
Many economists think it is unlikely that the government can curtail spending, which means taxes would have to rise to cover the increasing costs of providing retirement benefits and healthcare to older people. That could slow economic growth.
Stanford University economics professor John Taylor, an influential economist, told Reuters Television on Friday the U.S. budget deficit poses a greater risk to the financial system than the collapse in commercial real estate prices.
"If that gets out of control, if interest rates start to rise because people are reluctant to buy all that debt, then that can slow the economy down. So, that's the more systemic concern I have," Taylor said.