Last years 459 billion deficit was big. But if THAT was big..how bout these numbers!
$1 trillion deficits estimated for each of next 10 years
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.""""
Hello???Are you getting any of that??t? Are you understanding any of that? Do you understand what that means?
(Story continues)
"""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."""
White House budget chief Peter Orszag.....acknowledged that if the CBO projections prove accurate, Obama's budget would produce deficits that could not be sustained."Deficits in the, let's say, 5% of GDP range would lead to rising debt-to-GDP ratios that would ultimately not be sustainable," Orszag told reporters.
"I think deficits of 5% (of GDP) are unsupportable," said economist Mark Zandi, chief economist at Moody's Economy.com. "It will lead to higher interest rates to the point where it will force policymakers to make changes."
You want leftists in charge of the white house, and leftists in charge of congress...this is what you get. Just 60 days into the term.
A mess. Bankrupt. I said from the beginning, that the man-child intends to run the country as chicago and california is run...Take a look at both those place which are entirely run by democrats.
The beat goes on...
http://www.usatoday.com/news/washington/2009-03-20-federal-deficit_N.htm?csp=34
