Skip to comments.CBO: Trillion dollar deficits for the next decade
Posted on 03/06/2010 12:25:07 PM PST by American Dream 246
The wolf is at the door and we've got Little Red Riding Hood as president:
President Obama's proposed budget would add more than $9.7 trillion to the national debt over the next decade, congressional budget analysts said Friday. Proposed tax cuts for the middle class account for nearly a third of that shortfall. The 10-year outlook released by the nonpartisan Congressional Budget Office is somewhat gloomier than White House projections, which found that Obama's budget request would produce deficits that would add about $8.5 trillion to the national debt by 2020.
What's $1.2 trillion between friends, right Barry?
The CBO and the White House are in relative agreement about the short-term budget picture, with both predicting a deficit of about $1.5 trillion this year -- a post-World War II record at 10.3 percent of the overall economy -- and $1.3 trillion in 2011. But the CBO is considerably less optimistic about future years, predicting that deficits would never fall below 4 percent of the economy under Obama's policies and would begin to grow rapidly after 2015. Deficits of that magnitude would force the Treasury to continue borrowing at prodigious rates, sending the national debt soaring to 90 percent of the economy by 2020, the CBO said. Interest payments on the debt would also skyrocket by $800 billion over the same period.
It's raining red ink and there are no umbrellas to be found, and no place to duck into and avoid getting soaked.
This level of spending is treason.
Not just for the next decade but for the next 50 years.
Sit back, Citizen
American Idol and Dancing With the Stars is on.
Go back to sleep
Thinking about how fast money is being spent I wouldn’t be surprised to see a quadrillion dollar budget in the not-so-distant future.
Enjoy your slumber tonight America, we are taken care of cradle to grave.
If he is trying to bring America down to size and ruin the country he is right on track to do so. I just hope there is enough people in this country come November who understand the consequences of this much spending.
We won’t last 50 years with this spending. We’ll balkanize long before that. Who will be the first to secede? Texas or Alaska?
NO, they do not.
Tax cuts do not cause deficits, SPENDING causes deficits. Kennedy, Reagan and Bush 2 all generated much higher levels of revenue by cutting taxes that then generated booming economic growth that in turn generated rising government revenue.
The problem has always been that because of base line budgeting Government spending ALWAYS increases year after year, it never ever decreases.
We do not have a taxing problem in this country, we have an out of control spending problem.
Who will be the first payment to China?
California. They’ll go ahead and rejoin Mexico.
It’s all about HIS legacy. This is money WE are spending on HIS LEGACY. It’s all about him.
When is the left going to wake up? Do they realize they will have to pay too?
Bump to the top.
We'll send them our nukes as a down payment.
It will be up to them to figure out how to catch them.
Nothing to see here, move along...........
It surely is. Somehow, I don’t think Obama and his leftist comrades really care. What they are about is equalization - not the kind one would normally think about, but the equalization that results in wealth taking and redistribution on a piecemeal basis. In other words, they will take everything of value from anyone who owns it and dole it out to others on a regular basis - so long as they toe the party (Red) line.
The CONSERVATIVE Canadian government just came in with a budget. It forecasts a $55 billion deficit this year and a BALANCED BUDGET within five years. That translates to a $550 billion deficit since Canada is one tenth the size of the USA.
I think this is great news for Canada. I just wonder what is going to happen to us when our biggest trading partner and ally commits financial suicide.
I don’t think most people quite understand how this much government debt will personally affect them.
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