Wow, ONLY $7.14T.....boy I was really worried.Citing worse than expected economy, White House and Congress offer bleak US budget outlooks
By Jim Kuhnhenn, Associated Press Writer
On Tuesday August 25, 2009, 10:32 am EDT
WASHINGTON (AP) -- The U.S. government faces exploding deficits and mounting debt over the next decade, White House and congressional budget officials projected Tuesday in rival economic outlooks.
Both the White House Office of Management and Budget and the nonpartisan Congressional Budget Office predicted the budget deficit this year would swell to nearly $1.6 trillon, a record.
But while figures released by the Whit House foresee a cumulative $9 trillion deficit from 2010-2019, $2 trillion more than the administration estimated in May, congressional budget analysts put the figure at a lower $7.14 trillion.