White House: Budget deficit to top $1.8T


	White House: Budget deficit to top $1.8T

Newzworth

6-15-2009 8:16 PM

129 views

tags:

keynesian

Newzworth says:

Today Obama's scraping together savings of $1Trillion in savings over 10 years by putting the boot to the neck of taxpayers and business owners.

Does he think we forgot that his annual deficit spending will reach 7.1 Trilliion over the same period?

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/4644fe53-6f9c-4646-b586-668122ee085c/4A71C6A7-14DB-4E38-A514-CB23BBF5C7C2/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.washingtontimes.com/news/2009/may/11/white-house-budget-deficit-top-18t/" href="http://www.washingtontimes.com/news/2009/may/11/white-house-budget-deficit-top-18t/" style="font-size: 11px;">www.washingtontimes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.washingtontimes.com/news/2009/may/11/white-house-budget-deficit-top-18t/"><H1>White House: Budget deficit to top $1.8T</H1></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.washingtontimes.com/news/2009/may/11/white-house-budget-deficit-top-18t/">WASHINGTON (AP) -- With the economy performing worse than hoped, revised White House figures point to deepening budget deficits, with the government borrowing almost 50 cents for every dollar it spends this year</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.washingtontimes.com/news/2009/may/11/white-house-budget-deficit-top-18t/"><P>
Annual deficits would never dip below $500 billion and would total $7.1 trillion over 2010-2019. Even those dismal figures rely on economic projections that are significantly more optimistic -- just a 1.2 percent decline in gross domestic product this year and a 3.2 percent growth rate for 2010 -- than those forecast by private sector economists and the Congressional Budget Office.
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For the most part, Obama's updated budget tracks the 134-page outline he submitted to lawmakers in February. His budget remains a bold but contentious document that proposes higher taxes for the wealthy, a hotly contested effort to combat global warming and the first steps toward guaranteed health care for all.
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