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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.
 
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.
 
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 ....
 
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
 
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!
 
ten trillion dollars of debt...

what's the big deal...

cheney said...

this is what passes for thought?

LOL!
 
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.
 
perhaps, but he's the president TODAY
 
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
 
Thank God its not McCain

McCain was so bad dealing w/Economic issues he turned to Phil "Foreclosure"
Gramm for adivice 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
 
but mccain isn't president

obama is

and he keeps losing everything he touches

how come?
 
Let's hope the President reads the entire article... Unlike the thread poster.
Glad to see you admit that you don't think Americans, during hard times, pay enough taxes.
 
Let's hope the President reads the entire article... Unlike the thread poster.

Hopefully you'll take your own advice and read the text after the bolded language. Do you think that the AMT patches are just pennies?
 
Link


Looks like the craziness is even more insane then we knew.

Obama is bordering on criminal incompetence ......There aought to be a way to impeach this clown for running his office like this.......
 
Obama is bordering on criminal incompetence ......There aought to be a way to impeach this clown for running his office like this.......
Unfortunately I don't think there is anything impeachable right now.
 
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