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Budget deficit to hit $1.48 trillion
Yahoo ^ | 1/26/11 | Richard Cowan and Kim Dixon - Reuters

Posted on 01/26/2011 2:11:22 PM PST by NormsRevenge

WASHINGTON (Reuters) – The U.S. budget deficit this year will jump nearly 40 percent over prior forecasts, mostly due to the mammoth tax-cut package brokered by President Barack Obama and lawmakers last month, the Congressional Budget Office said on Wednesday.

The CBO said the fiscal 2011 deficit will hit $1.48 trillion, up from last August's $1.07 trillion estimate, which was crafted before Bush-era tax rates were extended at a cost of $858 billion over 10 years.

The CBO "estimates that the act (renewing tax cuts) will increase the deficit by $390 billion in 2011, by $407 billion in 2012 and by $120 billion in 2013," according to the report.

While a deficit of nearly $1.5 trillion in the fiscal year that ends September 30 would be an all-time record in dollar terms, as a percentage of the overall economy it would be slightly below the $1.41 trillion deficit in the 2009 fiscal year.

The $1.48 trillion deficit, CBO said, would be about 9.8 percent of GDP, higher than the 8.9 percent of GDP in 2010, but below the 10 percent in 2009.

The new forecast is part of a semi-annual economic review by the CBO, the nonpartisan budget analyst for Congress.

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Business/Economy; Culture/Society; Government; Politics/Elections
KEYWORDS: 2011; budget; cbo; deficit; obama; trillion

1 posted on 01/26/2011 2:11:23 PM PST by NormsRevenge
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To: NormsRevenge

“Spring Broke”. Is gonna be fun this year. Batten down the hatches.


2 posted on 01/26/2011 2:13:52 PM PST by screaminsunshine (Surfers Rule)
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To: NormsRevenge

CBO=Congress Bunko Office


3 posted on 01/26/2011 2:14:45 PM PST by screaminsunshine (Surfers Rule)
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Meanwhile.. in Wisconsin, where they make more than cheese and beer.

It's Photo OP Wednesday..

. AFP.

4 posted on 01/26/2011 2:15:03 PM PST by NormsRevenge (Semper Fi ... Godspeed .. Monthly Donor Onboard .. Obama: Epic Fail or Bust!!!)
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.Reuters.
5 posted on 01/26/2011 2:16:06 PM PST by NormsRevenge (Semper Fi ... Godspeed .. Monthly Donor Onboard .. Obama: Epic Fail or Bust!!!)
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To: NormsRevenge

” mostly due to the mammoth tax-cut package brokered by President Barack Obama and lawmakers last month “

The WHAT?????!!!!!!?????

This goes beyond ‘spin’ and into ‘journalistic fraud’ territory....


6 posted on 01/26/2011 2:17:55 PM PST by Uncle Ike (Rope is cheap, and there are lots of trees...)
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To: NormsRevenge

That’s $4,111 for every man, woman and child (based on 300 million population) or $16,444 for a family of four (just for the added deficit).

Thank God for Excel.


7 posted on 01/26/2011 2:21:31 PM PST by bwc2221 (.)
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To: NormsRevenge
mostly due to the mammoth tax-cut package brokered by President Barack Obama and lawmakers last month

There was NO TAX CUT. There was an extension of the Bush tax cuts, which prevented a mammoth tax increase.

8 posted on 01/26/2011 2:23:26 PM PST by Cicero (Marcus Tullius)
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To: Cicero

There was NO TAX CUT. There was an extension of the Bush tax cuts, which prevented a mammoth tax increase.


Thank you!!!


9 posted on 01/26/2011 2:24:40 PM PST by unkus
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To: NormsRevenge; screaminsunshine; Uncle Ike; bwc2221; Cicero

Articles and politicians and talk hosts are rounding this massive $1.48 Trillion number off to 1.5

Just think of that. Just 0.02

Which is $20 BILLION dollars.

1/3 of the Department of Education Budget.

Soon we’ll be talking about real money....


10 posted on 01/26/2011 2:27:54 PM PST by sam_paine (X .................................)
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To: sam_paine

I hear ya..

WWEDS - What would Everett Dirksen say..

He’d resign his seat and hang his head in pain..


11 posted on 01/26/2011 2:32:43 PM PST by NormsRevenge (Semper Fi ... Godspeed .. Monthly Donor Onboard .. Obama: Epic Fail or Bust!!!)
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To: sam_paine

The mess in Washington can not be “fixed”. To try is to extend the damage. It is beyond control. Now survival is up to the several states. I hope they are up to the task. Those who claim to be able to salvage this ship are lying. It has ten holes and one cork. It is going down.


12 posted on 01/26/2011 2:35:05 PM PST by screaminsunshine (Surfers Rule)
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To: Bullish; CJ Wolf; houeto; Quix; B4Ranch; Whenifhow; Silentgypsy; blam; FromLori; Lurker; ...
Apparently-the-mammoth-tax-cut-package-brokered-by-President-Barack-Obama-has-killed-us ping.

"Economic Holocaust" ping.

Increasing volume ping list watching the slow motion Economic Holocaust.

FReepmail me if you want on or off
The Comedian's "Economic Holocaust" ping list...


Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.

13 posted on 01/26/2011 2:39:13 PM PST by The Comedian (Obama is just the cherry on top of the $hit sundae of fraud the democrats have become.)
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To: NormsRevenge

"You expect me to recover?"

"No Mr. Economy, I expect you to die."


Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.

14 posted on 01/26/2011 2:39:35 PM PST by The Comedian (Obama is just the cherry on top of the $hit sundae of fraud the democrats have become.)
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To: NormsRevenge

Obama’s liberal followers and voters do not care about cutting to tackle the deficits. They just have their hands out to get something for nothing. When the Republicans do the dirty work cutting, they will whine about how unfair it is.


15 posted on 01/26/2011 2:40:19 PM PST by FreedBird
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To: The Comedian

“I bid 2 trillion!”


16 posted on 01/26/2011 2:41:43 PM PST by dynachrome ("Our forefathers didn't bury their guns. They buried those that tried to take them.")
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To: NormsRevenge

Now we know the Steelers will win, after Obama took a picture with a Packers T-Shirt.


17 posted on 01/26/2011 2:41:51 PM PST by FreedBird
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To: The Comedian

hmmmmm


18 posted on 01/26/2011 2:46:29 PM PST by Quix (Times are a changin' INSURE you have believed in your heart & confessed Jesus as Lord Come NtheFlesh)
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To: NormsRevenge

There was no tax cut!

The tax rate simply stayed the same. In fact the same tax rate Bush had from 01-08, which averaged a deficit of around $350 billion. Weird, huh?


19 posted on 01/26/2011 2:48:41 PM PST by nhwingut (Palin/Bachmann '12)
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To: sam_paine

Only $20 billion? I’ll take it, if it will simplify the math.


20 posted on 01/26/2011 2:58:19 PM PST by Cicero (Marcus Tullius)
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To: sam_paine

Only $20 billion? I’ll take it, if it will simplify the math.


21 posted on 01/26/2011 3:00:29 PM PST by Cicero (Marcus Tullius)
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To: Cicero

Doublepost = $40 Billion.


22 posted on 01/26/2011 3:16:38 PM PST by sam_paine (X .................................)
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To: sam_paine
Doublepost = $40 Billion.

That will buy a loaf of bread in a few years.

23 posted on 01/26/2011 3:34:24 PM PST by AmusedBystander (Republicans may have helped drive the economy into the ditch, but Obama is driving it off the cliff.)
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To: NormsRevenge

This should be lesson to all those who take the CBO as gospel. 5 months ago they said the deficit would be 410 billion less than it ended up being. They were only off close to 40%. And that was only 5 months or so ago, not 10 years worth of projections that no one has any idea about and what things will be like at that point. So keep that in mind when you hear the dems and the media breathlessly tout their numbers about the health care bill. They’re likely to be just as off the mark when the actual results come in.


24 posted on 01/26/2011 3:37:01 PM PST by jeltz25
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To: Uncle Ike
” mostly due to the mammoth tax-cut package brokered by President Barack Obama and lawmakers last month “

Yeah. It couldn't be the trillion dollar stimulus that Obama shepherded us into a couple of years ago and has now become a permanent part of the budget. Gotta be Bush's fault.

25 posted on 01/26/2011 3:38:28 PM PST by fhayek
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To: NormsRevenge
The CBO "estimates that the act (renewing tax cuts) will increase the deficit by $390 billion in 2011, by $407 billion in 2012 and by $120 billion in 2013."

It is assuming that the extension of the Bush tax cuts will not cause a recovery, new hires and subsequent increased tax revenue coming from more people employed..

Regardless! If the government would cut spending by those amounts, then those deficit numbers go to ZERO.

26 posted on 01/26/2011 3:54:28 PM PST by Cobra64
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To: bwc2221
Thank God for Excel.

Really. This stuff is tuff. LOL

.

27 posted on 01/26/2011 3:58:21 PM PST by Cobra64
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To: NormsRevenge

But.... but.... but..... zero said he can save 400 bilion over 10 years, thats 40 billion dollars a year.. we’re saved! idiot


28 posted on 01/26/2011 4:55:54 PM PST by ronnie raygun (V.........................................FOR VOMIT)
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To: NormsRevenge
Didn't take that new Republican governor long to butter up to Obama... Not a good sign for the cheeezehead state... What in the heck is he doing standing there next to Obama?
29 posted on 01/26/2011 6:51:46 PM PST by April Lexington (Study the Constitution so you know what they are taking away!)
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To: NormsRevenge

If the CBO admits the fiscal 2011 deficit will hit $1.48 trillion, it scares me as to what the spending deficit for 2011 will REALLY be. My guess is you can add another off the books half trillion or so to that estimate.


30 posted on 01/27/2011 6:09:43 AM PST by OB1kNOb (“Those who hammer their guns into plows will plow for those who do not.” — Thomas Jefferson)
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To: screaminsunshine
“...It has ten holes and one cork.”

Good analogy.

31 posted on 01/27/2011 6:19:58 AM PST by MichaelCorleone (Sarah Palin is America's Margaret Thatcher)
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To: MichaelCorleone

Keep perspective. One trillion seconds is......32,000 years. One trillion is a BIG number. Thanks you corrupt ever-spending politicians. Thanks, you fools.


32 posted on 01/27/2011 6:25:13 AM PST by hal ogen (1st amendment or reeducation camp?)
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