CBO Report: $1 trillion deficits estimated for each of next 10 years
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CBO Report: $1 trillion deficits estimated for each of next 10 years
$1 trillion deficits estimated for each of next 10 years
USA Today
WASHINGTON (AP) — President Obama's budget would generate unsustainably large deficits averaging almost $1 trillion a year over the next decade, according to new estimates released Friday.
The new Congressional Budget Office figures predict Obama's budget will produce $9.3 trillion worth of red ink over 2010-2019. That's $2.3 trillion worse than the administration predicted in its budget just last month.
Worst of all, CBO says the deficit under Obama's policies would never go below 4% of the size of the economy, figures that economists agree are unsustainable. By the end of the decade, the deficit would exceed 5% of gross domestic product, a dangerously high level.
The latest figures throw a major monkey wrench into efforts to enact Obama's budget, which promises universal health care for all and higher spending for domestic programs like education and research into renewable energy.
The dismal deficit figures, if they prove to be accurate, inevitably raise the prospect that Obama and his allies controlling Congress would have to consider raising taxes after the recession ends or else pare back his agenda.
Full Story
So, which one do you think he'll do... Raise taxes or cut back on his social programs?
Since raising taxes during a recession is the worse possible thing for the economy, my guess is that is exactly what he will do. I just can't see him giving up on his socialist agenda.
Grim17-
Number of posts : 430
Age : 59
Location : Phoenix, Arizona
Registration date : 2009-01-17
Re: CBO Report: $1 trillion deficits estimated for each of next 10 years
gee, let me think.
JReed-
Number of posts : 112
Location : Milwaukee
Job/hobbies : Ironman
Registration date : 2009-02-22
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