$1 trillion deficits seen for next 10 years

AP via Yahoo ^ | 3/20/09 | ANDREW TAYLOR

[maggief]

WASHINGTON – President Barack Obama's budget would generate deficits averaging almost $1 trillion a year over the next decade, according to the latest congressional estimates, significantly worse than predicted by the White House just last month.

The Congressional Budget Office figures, obtained by The Associated Press Friday, predict Obama's budget will produce $9.3 trillion worth of red ink over 2010-2019. That's $2.3 trillion worse than the White House predicted in its budget.

Worst of all, CBO says the deficit under Obama's policies would never go below 4 percent of the size of the economy, figures that economists agree are unsustainable. By the end of the decade, the deficit would exceed 5 percent of gross domestic product, a dangerously high level.

The latest figures, even worse than expected by top Democrats, 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.

[NormsRevenge]

CBO says the deficit under Obama’s policies would never go below 4 percent of the size of the economy, figures that economists agree are unsustainable. By the end of the decade, the deficit would exceed 5 percent of gross domestic product, a dangerously high level.

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Incredible! Just incredible!

[Nervous Tick]

These deficits are “for the children”.

srsly

[counterpunch]

That's alright, the Fed will just print $1 trillion in fiat money to give itself. Wait. That already happened.

[ken21]

that’s what the

hate-the-rich-guys-at-aig

was all about.

[anniegetyourgun]

Yep - it’s all part of his agenda - to destroy the nation and spread chaos worldwide.

[scottinoc]

Every day it seems I’m living in a nightmare and that I’ll wake up soon. This cannot be happening to this great nation. Capitalism and freedom are officially dead. See you at the gun shop.

[Oldeconomybuyer]

Massive government debt is “for the children”.

[NormsRevenge]

WH Sleep-bowler 'strikes out'

U.S. President Barack Obama smiles as he is being introduced to speak to representatives of the National Conference of State Legislatures in Washington March 20, 2009. REUTERS/Kevin Lamarque (UNITED STATES POLITICS HEADSHOT)

[Shermy]

Really, is it safe anymore to say Obama is equal to Bush? He far outdoes him.

Still waiting for those “supply side” tax cuts to “grow” us out of our debt.

[Mr Rogers]

I’m amazed the AP would print it!

[Blood of Tyrants]

If you add the REAL cost of socialized medicine and the loss in revenue that higher taxes causes, you can probably double that.

[zek157]

They will beat plowshares into swords before they beat swords into plowshares.

[maggief]

“that’s what the

hate-the-rich-guys-at-aig

was all about.”

Yep, and the cunning stunt on Leno.

[12Gauge687]

CBO’s prediction of over $9 trillion over the next 10 years will guarantee that.

[zek157]

Add a T$’s for carbon credits over the decade. It’s easier to drop zeros when the currency is digital.

[FlingWingFlyer]

Socialism/Communism can be VERY EXPENSIVE!

[Ev Reeman]

One trillion and counting...

[mysterio]

[2001convSVT]

And they will do it again! Just how many time can the Fed do this before all our wealth and savings are worthless? This is insane, Money has to be linked to a real commodity to have any real value or eventually the paper will be more valuable then what is printed upon it.