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Thread: National debt to be higher than White House forecast, CBO says

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    National debt to be higher than White House forecast, CBO says

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    By Lori Montgomery
    Washington Post Staff Writer
    Saturday, March 6, 2010

    President Obama's proposed budget would add more than $9.7 trillion to the national debt over the next decade, congressional budget analysts said Friday. Proposed tax cuts for the middle class account for nearly a third of that shortfall.
    The 10-year outlook released by the nonpartisan Congressional Budget Office is somewhat gloomier than White House projections, which found that Obama's budget request would produce deficits that would add about $8.5 trillion to the national debt by 2020.
    The CBO and the White House are in relative agreement about the short-term budget picture, with both predicting a deficit of about $1.5 trillion this year -- a post-World War II record at 10.3 percent of the overall economy -- and $1.3 trillion in 2011. But the CBO is considerably less optimistic about future years, predicting that deficits would never fall below 4 percent of the economy under Obama's policies and would begin to grow rapidly after 2015.
    Deficits of that magnitude would force the Treasury to continue borrowing at prodigious rates, sending the national debt soaring to 90 percent of the economy by 2020, the CBO said. Interest payments on the debt would also skyrocket by $800 billion over the same period.
    Obama's tax-cutting agenda is by far the biggest contributor to those budget gaps, the CBO said. As part of his campaign pledge to protect families making less than $250,000 a year from new taxes, the president is proposing to prevent the alternative minimum tax from expanding to ensnare millions of additional taxpayers. He also wants to make permanent a series of tax cuts enacted during the Bush administration, which are scheduled to expire at the end of this year.
    Looks like the craziness is even more insane then we knew.
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    Re: National debt to be higher than White House forecast, CBO says

    Obama is convening a special commission to bring deficits down to 3 percent of the economy, but the CBO report shows that Obama could accomplish that goal simply by letting the Bush tax cuts expire and paying for changes to the alternative minimum tax.
    Let's hope the President reads the entire article... Unlike the thread poster.

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    Re: National debt to be higher than White House forecast, CBO says

    Whats the big deal ?

    Cheney said in 2002 that "deficits dont' matter" as Bush was on his way
    to doubling the National Bet to nearly 11 trillion dollars ....

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    Re: National debt to be higher than White House forecast, CBO says

    So whats the problem?


    again ... since when are deficits important to the Republic based who gave this country free wheeling spenders Cheney and the Bush Mafia twins

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    Re: National debt to be higher than White House forecast, CBO says

    cheney was wrong

    americans don't want to hear petty little arguments about former veeps

    they want these problems solved

    today

    obama's a loser, he promised to cut the deficit in half in 4 years

    LOL!

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    Re: National debt to be higher than White House forecast, CBO says

    Quote Originally Posted by hazlnut View Post
    Let's hope the President reads the entire article...
    why?

    even if he reads it, it's not gonna change the fact that he's adding not 8.5T to the debt like he said, but, instead, according to cbo, he's increasing what we owe by 9.7 to 10.0T, depending on whom you read

    Congressional estimates show grim deficit picture - Yahoo! News

    CBO: $10 trillion jump in debt under Obama budget - Mar. 5, 2010

    washingtonpost.com

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    Re: National debt to be higher than White House forecast, CBO says

    ten trillion dollars of debt...

    what's the big deal...

    cheney said...

    this is what passes for thought?

    LOL!

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    Re: National debt to be higher than White House forecast, CBO says

    As long as people lack the foresight to acknowledge that overspending is a bipartisan problem, the financial woes will never be solved. Obama is just one President in a string of Republocrats who is expanding government spending and powers.

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    Re: National debt to be higher than White House forecast, CBO says

    perhaps, but he's the president TODAY

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    Re: National debt to be higher than White House forecast, CBO says

    Thank God its not McCain

    McCain was so bad dealing w/Economic issues he turned to Phil "Foreclosure"
    Gramm and Socialist airhead Palin bankrupted a town of less than 6000 to the tune of over $22,000,000 as Mayor of Wasalia


    Reagan was complete flop his 1st 21 months on the job and take away Cheney and his PNAC Gliewitz gig on 9-11 and Bush has nothing he can even talk about

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