From the AP
WASHINGTON – The federal government faces exploding deficits and mounting debt over the next decade, White House and congressional budget officials projected Tuesday in competing but similar economic forecasts.
Both the White House Office of Management and Budget and the nonpartisan Congressional Budget Office predicted the budget deficit this year would swell to nearly $1.6 trillion, a record, and far above the then-record 2008 budget deficit of $455 billion.
But while figures released by the White House foresee a cumulative $9 trillion deficit from 2010-2019, $2 trillion more than the administration estimated in May, congressional budget analysts put the 10-year figure at a lower $7.14 trillion.
One reason for the difference: The CBO projection is based on an assumption that all the tax cuts put into place in the administration of former President George W. Bush will expire on schedule by 2011 as dictated by current law. President Barack Obama's budget baseline, however, hews to his proposal to keep the tax cuts in place for families earning less than $250,000 a year.
Beyond the 10-year forecast, the nation will face further challenges posed by rising health care costs and the aging of the population, the CBO said. "The budget remains on an unsustainable path" over the long-term and will require some combination of lower spending and higher tax revenues, it said.
Both forecasts see unemployment rising to 10 percent before falling and both suggest growth will return to the economy later this year but that recovery will be slow after the longest and deepest recession since the 1930s
Oh, and the national debt will double too. This doesn't even account for any government health care takeovers, new "stimulus" packages, new bailouts, or other pork and future budget bills that Mr. Obama wants to shove down our throats.
The 2010 Republicans need to run on a balanced budget without taxes promise. If they get the majority, they need to promise a balanced budget bill, and pass it, and put the ball into the court of the idiot senators and the wee-wee head Obama.
Oh yeah, wee-wee. I don't think I've heard that term since pre-school, and it was in reference to a dick. I never expected a 48 year old to use that term. What a childish....well dickhead.
"“There is something about August going into September where everybody in Washington gets all wee weed up!”"
I suppose that means pissed-off, which is what Obama is causing most of the country to be.