Deficit Projected to be $2Trillion Higher then Expected

Discussion in 'Politics' started by Ringel05, Aug 21, 2009.

  1. Ringel05
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    Ringel05 Diamond Member

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    WASHINGTON (AP) — The Obama administration expects the federal deficit over the next decade to be $2 trillion bigger than previously estimated, White House officials said Friday, a setback for a president already facing a Congress and public wary over spending.
    The new projection, to be announced on Tuesday, is for a cumulative 2010-2019 deficit of $9 trillion instead of the $7 trillion previously estimated. The new figure reflects slumping revenues from a worse economic picture than was expected earlier this year. The officials spoke only on the condition of anonymity ahead of next week's announcement.

    Ten-year forecasts are volatile figures subject to change over time. But the higher number will likely create political difficulties for President Obama in Congress and could create anxiety with foreign buyers of U.S. debt.

    Earlier this week, the White House revealed that it expects a budget deficit for the fiscal year ending Sept. 30 to be nearly $1.6 trillion. That figure was lower than initially projected because the White House scratched out $250 billion that it had initially added to the budget as a bank rescue contingency. The administration ultimately did not ask Congress for that money.

    Still that number, together with the 10-year projection, represents a huge obstacle for an administration trying to undertake massive policy overhauls in health care and the environment.

    Economists predict a slow recovery from the recession, further testing Obama's goal of cutting the deficit to $512 billion in 2013. Even as he seeks higher revenues to pay for new climate change and health care measures, the president could face pressure to increase revenues or make deep spending cuts to tame the deficit.
     
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  2. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    Let's see that's;
    2 Billion over budget for the "Cash for Clunkers" program and,
    2 Trillion dollar higher budget deficit.

    You know the way things are going were gonna need either;
    2 more different Presidents and/or
    2 more generations of Americans to fix all this.
     
  3. Ringel05
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    Ringel05 Diamond Member

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    "Theft from a single author is plagiarism — from three or more it is research."

    I see you're a proponent of modern education.
     
  4. Toro
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    Toro Diamond Member

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  5. keee keee
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    keee keee Senior Member

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    They voted for change but got none!!!! Same old shit,A differant Democrat!!higher debt, taxes, deficits, now I think it is time for a change "President"!!!!
     
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  6. Xenophon
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    Xenophon Gone and forgotten

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    9,000,000,000,000

    The number is staggering.
     
  7. auditor0007
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    auditor0007 Gold Member

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    Eventually we are going to see massive tax increases. There will be no alternative. And those tax increases will most likely be supported by everyone if they are used to directly pay down the debt. It will involve cutting spending and living with a balanced budget for a decent amount of time to actually make it feasible.
     
  8. LibocalypseNow
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    LibocalypseNow Senior Member

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    Yes some very terrible economic news that of course the corrupt Liberal Press has conveniently ignored. They're way too busy jumping for joy cheerleading for Wall Street these days to report this very disturbing economic news. Kind of interesting how the Liberal Press has now suddenly become Wall Street's biggest cheerleaders huh? So much for that Liberal "Evil Wall Street" rhetoric. Their Hopey Changey gives $Trillions to his corrupt Wall Street buddies and now the Liberals just love Wall Street. Hey go figure? So much damage done in such a short time by these inept Socialists that i just don't see how this terrible damage can be fixed anytime soon. :(
     

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