It's Photo OP Wednesday..
. AFP.
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 ...
“Spring Broke”. Is gonna be fun this year. Batten down the hatches.
CBO=Congress Bunko Office
It's Photo OP Wednesday..
. AFP.
.Reuters.
” 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....
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.
There was NO TAX CUT. There was an extension of the Bush tax cuts, which prevented a mammoth tax increase.
There was NO TAX CUT. There was an extension of the Bush tax cuts, which prevented a mammoth tax increase.
Thank you!!!
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....
I hear ya..
WWEDS - What would Everett Dirksen say..
He’d resign his seat and hang his head in pain..
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.
"You expect me to recover?"
"No Mr. Economy, I expect you to die."
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.
“I bid 2 trillion!”
Now we know the Steelers will win, after Obama took a picture with a Packers T-Shirt.
hmmmmm
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?
Only $20 billion? I’ll take it, if it will simplify the math.
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