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August 21, 2009

Obama Administration to Adjust Projected Deficit; $7 Trillion 10-Year-Defict to Become... $9 Trillion

From $7 trillion to $9 trillion is a change, you have to admit.

He's moving his numbers out of unicorn-and-pixie fantasy-land closer to accordance with the CBO's.

The Obama administration will raise its 10-year budget deficit projection to roughly $9 trillion from $7.108 trillion in a report next week, a senior administration official told Reuters on Friday.

"The new forecasts are based on new data that reflect how severe the economic downturn was in the late fall of last year and the winter of this year," said the official, who is familiar with the plans.

"Our budget projections are now in line with the spring and summer projections that the Congressional Budget Office put out."

The CBO said in June that deficits between 2010 and 2019 would total $9.1 trillion. The official said the 2010-2019 cumulative deficit projection replaces the administration's previous estimate of $7.108 trillion.

The record-breaking deficits have raised concerns about U.S. ability to finance that debt and whether the United States can maintain its top-tier AAA credit rating.

Quick, let's expand federal spending beyond all imagination. The time is right.

I recall Joe Biden's statement, "We have to spend in order to avoid bankruptcy." Well! We must really be in the black now, baby!

Thanks to AHFF Geoff.



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posted by Ace at 05:41 PM

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