Budget deficit to hit $1.48 trillion

Yahoo ^ | 1/26/11 | Richard Cowan and Kim Dixon - Reuters

[Cicero]

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

[sam_paine]

Doublepost = $40 Billion.

[AmusedBystander]

Doublepost = $40 Billion.

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

[jeltz25]

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.

[fhayek]

” 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.

[Cobra64]

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.

[Cobra64]

Thank God for Excel.

Really. This stuff is tuff. LOL

.

[ronnie raygun]

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

[April Lexington]

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?

[OB1kNOb]

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.

[MichaelCorleone]

“...It has ten holes and one cork.”

Good analogy.

[hal ogen]

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