Obama raises 10-year deficit to $9 trillion
Good news! President Obama will adjust his 10-year budget deficit projection. You see, his earlier projection of a $7 trillion deficit was too low.
The Obama administration will raise its 10-year budget deficit projection to approximately $9 trillion from $7.108 trillion in a report next week, a senior administration official told Reuters on Friday. The higher deficit figure, based on updated economic data, brings the White House budget office into line with outside estimates and gives further fuel to President Barack Obama’s opponents, who say his spending plans are too expensive in light of budget shortfalls.
The White House took heat for sticking with its $7.108 trillion forecast earlier this year after the Congressional Budget Office forecast that deficits between 2010 and 2019 would total $9.1 trillion.
As Hot Air rightly points out, this is the same CBO that has ‘been warning us for months that ObamaCare will be a massive boondoggle. (And even CBO might be lowballing it.)’
The Obama administration knew all along, of course, and it’s likely that its deficit projections will be raised again. And again.
Obama’s economic policy truly is horrendous and worse than irresponsible.
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455B is bad, so that means 900B must be better!
Wonder how many of the Great Spender-in-Chief’s peeps are acting out the Career builder Super bowl commercial.
- – - – I like how the one goes “OOOOOOhh’ , realizes the seriousness of the implications, turns the chart and then they all go back to partying. – - – -
I wonder if their number was low originally because they were trying to push through a huge spending package at the time? No, I can’t recall one.
The spin is that the democrats have to spend this much to fix all that the republicans screwed up.
See thats how they can justify spending trillions we dont have.
where I come from if you spend this months rent money on a new mink coat you dont fix that by spending next months rent money on a new shotgun for the hubby.
But that sorta is the Democrats reasoning right now. The GOP did it so now we gotta fix their mistakes by making a whole bunch of our own.
We have to fix their irresponsibility by being irresponsible ourselves.
Lets see – now if that were private sector – the Great One would have mandated the director’s termination, demanded return of bonus’s – and given the company to the Unions.