CBO: Obama’s Record Budget Deficits Even Worse Than Predicted

RockX

Banned
A new congressional report released Friday says the United States' long-term fiscal woes are even worse than predicted by President Barack Obama's grim budget submission last month.

The nonpartisan Congressional Budget Office predicts that Obama's budget plans would generate deficits over the upcoming decade that would total $9.8 trillion. That's $1.2 trillion more than predicted by the administration.

The agency says its future-year predictions of tax revenues are more pessimistic than the administration's. That's because CBO projects slightly slower economic growth than the White House.

The deficit picture has turned alarmingly worse since the recession that started at the end of 2007, never dipping below 4 percent of the size of the economy over the next decade. Economists say that deficits of that size are unsustainable and could put upward pressure on interest rates, crowd out private investment in the economy and ultimately erode the nation's standard of living.

"While the president is intent on ramming through Congress a new trillion-dollar health-care entitlement, he appears far less concerned with addressing the looming crisis of entitlement spending already on the books," said Rep. Paul Ryan of Wisconsin, the top Republican on the Budget Committee. "Instead, he delegates this task to a 'Fiscal Commission' — which would not even report until after the next election."


http://news.yahoo.com/s/ap/20100305/ap_on_go_co/us_budget_deficits_3

We are all doomed....
 
The nonpartisan Congressional Budget Office predicts that Obama's budget plans would generate deficits over the upcoming decade that would total $9.8 trillion. That's $1.2 trillion more than predicted by the administration.

Wow. The CPO's predictions are more negative than the administrations predictions. I have only known this since about six months ago. Pat yourself on the back, Webbway.
 
You've known it for 6 months and still a stupid Obama/Democrat/Communist supporter....?
 
It's amazing how for 8 years W runs amok and spends money like a drunken sailor piling up huge deficits, fucking up just about everything he touches and when Obama has to run deficits to bail us out of W's fuck ups then all of a sudden you're deficit hawks? Un fucking believable!
 
"You know, Paul, Reagan proved deficits don't matter. We won the midterms. This is our due."
- Dick Cheney, 2002
 
It's amazing how for 8 years W runs amok and spends money like a drunken sailor piling up huge deficits, fucking up just about everything he touches and when Obama has to run deficits to bail us out of W's fuck ups then all of a sudden you're deficit hawks? Un fucking believable!

where is the logic that the breakneck spending of one president must be corrected with even greater breakneck spending by the next one? :dunno:
 
where is the logic that the breakneck spending of one president must be corrected with even greater breakneck spending by the next one? :dunno:
There's not. Borrowing money for an immoral war is stupid and irresponsible and it over reaches us. Deficit spending to avert economic catastrophe, vis a vis Keynsian economic theory is valid but only to avert disaster. The money will have to come from somewhere eventually. That's when the shit is going to hit the fan and all these working class southern white and rural midwesterners are going to rue the day they supported Republican supply siders.
 
It's amazing how for 8 years W runs amok and spends money like a drunken sailor piling up huge deficits, fucking up just about everything he touches and when Obama has to run deficits to bail us out of W's fuck ups then all of a sudden you're deficit hawks? Un fucking believable!

Actually many conservatives and Republicans did complain about the spending under Bush and the Republican Congress and it's the major reason the Dems kicked ass in the '06 and '08 election. But the Dems who rightfully complained about Bush's spending all of a sudden think Obama's even bigger spending is ok? How does that work?
 
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