Amazing how this stuff breaks on a late Friday afternoon in the midst of summer. It’s almost as if the Obama Administration is attempting to sweep this under the rug.
The 10-year deficit as it’s projected right now? $7.108 trillion. The 10-year deficit projection after next week’s report from the Obama Administration? $9 trillion. Which is actually in line with what the CBO said back in June, which was $9.1 trillion.
WASHINGTON (Reuters) – The Obama administration will raise its 10-year budget deficit projection to roughly $9 trillion from $7.108 trillion in a report next week, a senior administration official told Reuters on Friday.
“The new forecasts are based on new data that reflect how severe the economic downturn was in the late fall of last year and the winter of this year,” said the official, who is familiar with the plans.
No, it’s the result of massive and wasteful spending programs intended to pay back Democratic special interests for last year’s election. A $787 billion porkulus package loaded with pork, hundreds of billions in bailouts, trillion-dollar proposals supported by liberal groups on issues such as global warming and socialized health care…and we’re just 7 months into his administration.
And yet Barack Obama wants us to believe that he’ll keep his massive health care proposals deficit-neutral. Uh huh. He wouldn’t recognize deficit neutrality if it walked up and introduced itself. And the big government, tax-and-spend liberals are just getting started.
More: Hot Air.
Update: Initial unemployment claims are on the rise, retail sales are down, his health care proposals are being rejected by the public like the flu, and the 10-year deficit is $2 trillion higher than projected. So what’s Barack Obama, our Dear Leader, doing?
Going on a 10-day summer vacation!
Must be nice not to have to worry about anything, not to have any responsibilities.
Well, that’s not really fair to say. Destroying a country is really hard work.
21. August 2009 at 11:44 pm
I’m no economist (actually, I’m a dentist), but last time I checked, the only way to actually stimulate the economy is to put more money in the hands of the middle class. Tax cuts= more spending= more jobs=more manufacturing. Handouts to the lower class doesn’t fix anything. Healthcare for the poor (many who already qualify for Medicaid but never bothered to apply) doesn’t fix anything. cap and Trade doesn’t fix anything. Tax and spend enver fixed anything. The only thing that has ever worked is lowering the burden on the middle class and letting them spend. Then guess what happens? More spending=more sales tax, more spending=more jobs=more people paying taxes. All of which helps boost the freaking economy.And all this goes back to the point that the Dems have NO interest in fixing anything, just controlling a broken system and abroken populace. Stalin would be proud