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What The CBO Is Now Saying

Discussion in 'Current Events' started by Annie, Mar 26, 2010.

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Mar 26, 2010 #1

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Annie Diamond Member

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No problems here, moving along:

CBO report: Debt will rise to 90% of GDP - Washington Times

Friday, March 26, 2010
CBO report: Debt will rise to 90% of GDP

David M. Dickson

President Obama's fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation's economic output by 2020, the Congressional Budget Office reported Thursday.

In its 2011 budget, which the White House Office of Management and Budget (OMB) released Feb. 1, the administration projected a 10-year deficit total of $8.53 trillion. After looking it over, CBO said in its final analysis, released Thursday, that the president's budget would generate a combined $9.75 trillion in deficits over the next decade.

"An additional $1.2 trillion in debt dumped on [GDP] to our children makes a huge difference," said Brian Riedl, a budget analyst at the conservative Heritage Foundation. "That represents an additional debt of $10,000 per household above and beyond the federal debt they are already carrying."

The federal public debt, which was $6.3 trillion ($56,000 per household) when Mr. Obama entered office amid an economic crisis, totals $8.2 trillion ($72,000 per household) today, and it's headed toward $20.3 trillion (more than $170,000 per household) in 2020, according to CBO's deficit estimates.

That figure would equal 90 percent of the estimated gross domestic product in 2020, up from 40 percent at the end of fiscal 2008. By comparison, America's debt-to-GDP ratio peaked at 109 percent at the end of World War II, while the ratio for economically troubled Greece hit 115 percent last year....
Click to expand...

There's reasons for the continuing stories:

US 7-yr debt auction flops among nervous investors | Reuters

US 7-yr debt auction flops among nervous investors
Thu Mar 25, 2010 11:12pm IST Email | Print | Share | Single Page [-] Text [+]
NEW YORK, March 25 (Reuters) - The third time was not a charm for the U.S. government to raise money in the bond market this week, stoking anxiety over whether investors have started to tire of new Treasury issues.

Bond managers gave a cold shoulder to the Treasury Department's $32 billion seven-year debt sale on Thursday, the week's final note sale following a mediocre $44 billion two-year auction on Tuesday and a weak $42 billion five-year sale on Wednesday. For more see [ID:nTAR000170].

Overall bidding at the latest seven-year auction was the lowest in 10 months. The auction's bid-to-cover ratio was 2.61, down from 2.98 at the February auction...
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We're in the best of hands...
- Thank You! x 1
Mar 26, 2010 #2

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editec Mr. Forgot-it-All

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Hard times, no doubt.
Mar 26, 2010 #3

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Mr.Fitnah Dreamcrusher

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Why did they push it back to 2020 ?

http://www.usgovernmentspending.com...bt As Percent Of GDP&state=US&color=c&local=s
Mar 26, 2010 #4

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mudwhistle Diamond Member

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editec said: ↑

Hard times, no doubt.
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Bad times that could be easily avoided.....but for some strange reason the powers that be refuses to.
Mar 26, 2010 #5

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Mr.Fitnah Dreamcrusher

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Mar 26, 2010 #6

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Xenophon Gone and forgotten

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Annie said: ↑

No problems here, moving along:

CBO report: Debt will rise to 90% of GDP - Washington Times

Friday, March 26, 2010
CBO report: Debt will rise to 90% of GDP

David M. Dickson

President Obama's fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation's economic output by 2020, the Congressional Budget Office reported Thursday.

In its 2011 budget, which the White House Office of Management and Budget (OMB) released Feb. 1, the administration projected a 10-year deficit total of $8.53 trillion. After looking it over, CBO said in its final analysis, released Thursday, that the president's budget would generate a combined $9.75 trillion in deficits over the next decade.

"An additional $1.2 trillion in debt dumped on [GDP] to our children makes a huge difference," said Brian Riedl, a budget analyst at the conservative Heritage Foundation. "That represents an additional debt of $10,000 per household above and beyond the federal debt they are already carrying."

The federal public debt, which was $6.3 trillion ($56,000 per household) when Mr. Obama entered office amid an economic crisis, totals $8.2 trillion ($72,000 per household) today, and it's headed toward $20.3 trillion (more than $170,000 per household) in 2020, according to CBO's deficit estimates.

That figure would equal 90 percent of the estimated gross domestic product in 2020, up from 40 percent at the end of fiscal 2008. By comparison, America's debt-to-GDP ratio peaked at 109 percent at the end of World War II, while the ratio for economically troubled Greece hit 115 percent last year....
Click to expand...

There's reasons for the continuing stories:

US 7-yr debt auction flops among nervous investors | Reuters

US 7-yr debt auction flops among nervous investors
Thu Mar 25, 2010 11:12pm IST Email | Print | Share | Single Page [-] Text [+]
NEW YORK, March 25 (Reuters) - The third time was not a charm for the U.S. government to raise money in the bond market this week, stoking anxiety over whether investors have started to tire of new Treasury issues.

Bond managers gave a cold shoulder to the Treasury Department's $32 billion seven-year debt sale on Thursday, the week's final note sale following a mediocre $44 billion two-year auction on Tuesday and a weak $42 billion five-year sale on Wednesday. For more see [ID:nTAR000170].

Overall bidding at the latest seven-year auction was the lowest in 10 months. The auction's bid-to-cover ratio was 2.61, down from 2.98 at the February auction...
Click to expand...

We're in the best of hands...
Click to expand...

Maybe Barry should make a speech mocking them, as he did teh GoP yesterday for saying this is exactly what was going to happen.
Mar 26, 2010 #7

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uscitizen Senior Member

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It will not take as long as the CBO says, for their economic outlook projection is far too optimistic.

We be goin down folks, the only question is how far.
Mar 26, 2010 #8

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Annie Diamond Member

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uscitizen said: ↑

It will not take as long as the CBO says, for their economic outlook projection is far too optimistic.

We be goin down folks, the only question is how far.
Click to expand...

But that would be a good thing, no?
Mar 26, 2010 #9

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Truthmatters BANNED

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How I wish Obama had inherited Clintons surpluses instead of Bushs near depression.
Mar 26, 2010 #10

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Xenophon Gone and forgotten

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Truthmatters said: ↑

How I wish Obama had inherited Clintons surpluses instead of Bushs near depression.
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Yes, I'm sure he would have spent those lickity split!

Just think of all the entitlements Barry could have given us, that we still would not be able to pay for!
- Thank You! x 1

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