August 21st, 2009
07:06 PM ET
5 years ago

Obama administration projects $9 trillion deficit over 10 years

WASHINGTON (CNN) – The Obama administration next week will release a new budget forecast projecting the deficit over the next ten years will reach approximately $9 trillion – a significant jump from the $7 trillion deficit that officials had projected at the beginning of the year.

Obama officials pin most of the blame for the projected deficit spike on the bleak financial picture: The government is not taking in as much tax revenue, while it continues to spend to try and stimulate the economy out of recession.

The new projection is likely to fan the flames of the already-heated health care debate, with Republicans charging the new projections show the President is spending too much money and can not afford a vast health reform bill.

But administration officials are already making the opposite case: that the forecast shows that exploding health care costs need to be reigned in for the budget to be brought into balance.


Filed under: Deficit • Extra • Obama administration
soundoff (200 Responses)
  1. Andrew

    wake up everyone! If you thought George Bush was a big spender and if you thought George Bush was a liar, you have to have realized by now President Obama is like George Bush on steroids. Seriously people we need to stop the spending. My families income has dropped a whole lot this year, so you know what we have tightend our belts and are spending more wisely. Shouldn't our government do the same. Wake up folks till it is to late.

    Demand the 88% of the Stimulus that has not been spent yet back and with out a doubt stop this health care bill. We need to lower cost, it is as simple as that. The CBO has said Obamas plan will not save one $ in fact it will add to our deficit. That is not misinformation that is fact.

    August 21, 2009 09:54 pm at 9:54 pm |
  2. Legna

    The deficit will b around 19 million. These folks that make projections are in a fairy tale. They don't understand the significant damages the government is incurring on businesses. Tax revenues will b significantly less, inflation cannot even occur for the govt. to make more due to the lack of need of gas, oil,electricity,metals etc. More govt. jobs will increase deficits relative to tax revenue decrease. Liberal Democrats, Republicans, and Independents will continue to spend. The increase in property tax, federal tax, State tax, inheritance tax, and value added tax in combination with reduced itemized deductions will continue to bankrupt good business folks and families which were back bones of this country. All this added together will implode this wonderful country if it is not stopped NOW!!!

    August 21, 2009 09:56 pm at 9:56 pm |
  3. Jon

    The Obamabots blame the deficit on a "bleak financial picture"???

    BWAAAHHHHAAAAAA, how about bloated government and poor planning by the administration. Want a smaller defict Barry? Try spending less. What a morooon!

    But then to ponder it further, it is logical for Obama to blame the "bleak financial picture" since he nearly got boooed out of the building when he tried the "we inherited the bad economy" gambit once too often. This is now the Obama economy nad when it falls flat there is no one else to blame but Barry and the DNC run Congress.

    August 21, 2009 09:58 pm at 9:58 pm |
  4. Legna

    The deficit will b around 19 billion. These folks that make projections are in a fairy tale. They don't understand the significant damages the government is incurring on businesses. Tax revenues will b significantly less, inflation cannot even occur for the govt. to make more due to the lack of need of gas, oil,electricity,metals etc. More govt. jobs will increase deficits relative to tax revenue decrease. Liberal Democrats, Republicans, and Independents will continue to spend. The increase in property tax, federal tax, State tax, inheritance tax, and value added tax in combination with reduced itemized deductions will continue to bankrupt good business folks and families which were back bones of this country. All this added together will implode this wonderful country if it is not stopped NOW!!!

    August 21, 2009 09:59 pm at 9:59 pm |
  5. Keith in Austin

    Obama's blame game continues! An additional 2 trillion dollar deficit from what was projected in February! This doesn't even include his Healthcare plan. When will American's stand up and repeal the idiotic spending that is porkladen and not working? Nobama's blame on the financial markets is unbelievable becaus it is his tax and spend socialistic agenda that is strangling the free market capitalism system that has ALWAYS been the answer to our financial wellbeing. Big Government liberals must realize that we can't rectify our problems by simply throwing more tax dollars in a reckless manner!

    August 21, 2009 10:00 pm at 10:00 pm |
  6. Right Leaning Independent

    Well they were not really good at predicting where unemployment would spike either! Obama is just another big time spending liberal!! And I am sure his adoring crowd will be on here in force continuing to rave over the job he is doing.. You folks have no idea about the ramifications of this debt. Keep watching for a story next week about China stopping their buying of American bonds. Watch for articles where China and other countries ask for a new world market currency. This will be a catastrophic for the US when this happens. But hey, at least a Democrat is in charge – right???? 9 Trillion – I guess Bush was a conservative after all.....Who would have known...

    August 21, 2009 10:03 pm at 10:03 pm |
  7. Mike, Syracuse, NY

    And Obama wants to spend more on health care? Time to invoke the 25th Amendment; we clearly have an incapacitated President due to insanity.

    August 21, 2009 10:06 pm at 10:06 pm |
  8. ATR

    The Bush WH left Pres. Obama with a shocking budget deficit. The vast bulk of the budget deficit is due to Bush's tax cuts, war spending, and the disasterious economy Obama inherited. The Repubs. love the blame deficits on Obama but forget it all started with Reagan and got progressively worse with each Republican president.

    August 21, 2009 10:08 pm at 10:08 pm |
  9. elana

    Well, I'll just wait until next week to get all of the CORRECT facts. These days, I don't trust the MEDIA to deliver any piece of news that is honest and truthful

    August 21, 2009 10:11 pm at 10:11 pm |
  10. Helmetbreaker

    Looks like Obama has already spent the money for healthcare! If they misjudged the deficit so bad; how can we trust the healthcare projections? I HOPE we can get him out of the White House before he bankrupts us. Change you can believe in...huh.." Change, you won't have any in your pocket" fits Obama better!

    August 21, 2009 10:13 pm at 10:13 pm |
  11. m smith

    The president is right but the repos will never admit it. Wake up guys if we don't reign in health care now down the road we all pay. No one is young forever and when you need it most you won't be able to afford it.

    August 21, 2009 10:16 pm at 10:16 pm |
  12. robert verdi

    And Obama wanted health care passed BEFORE he was forced to release this data.

    August 21, 2009 10:18 pm at 10:18 pm |
  13. marylv

    Obama and his pals in congress, Pelosi & Reid, are intent on bankrupting our great country. All of his "great" ideas may sound good on paper (or in a speech), but the bottom line is.....someone is going to have to pay for it, and that someone is us, the American taxpayer.

    Hate to say this, but I think we need a Republican congress to off-set Obama's expensive policies. Bill Clinton had a Republican congress to sway his policies, and the outcome was a good compromise for all, that led to a very prosperous time for American citizens, not to mention we erased a lot of debt.

    I think voting Republican in 2010 is the way to go. Not that I'm in love with all the Republican ideas, but this super spending spree has got to stop.

    August 21, 2009 10:19 pm at 10:19 pm |
  14. Thinking Voter

    Stop the outsourcing of jobs. It's not just a protectionist issue in terms of America versus other countries - it's a wage issue. In my field, IT, salaries have gone down since I started this business 20 years ago. That's for the few folks who are able to find work that's not being outsourced. All these jobs can be done by people right here if we teach them. The argument for importing cheap H1 labor or outsourcing because of the lack of skills here is ridiculous. The skills are here, but the money is going elsewhere.

    August 21, 2009 10:24 pm at 10:24 pm |
  15. RR

    here comes the spin:

    Bad news: blame the GOP and say "it took us 8 years blah, blah, blah..."

    Good news: It's all Obama

    This time it's all on Obama no matter what the spin. He supported every bail out and spending plan from Wall St bailout to today

    August 21, 2009 10:25 pm at 10:25 pm |
  16. democrat no mas

    My God. The utter lack of experience is more pronounced than we thought. Come on guys, it's tax & spend, not spend and then tax. I hope he gets indigestion from his vacation lobster dinners. Oh well, retirement isn't for me anyway.

    August 21, 2009 10:25 pm at 10:25 pm |
  17. Ron

    Healthcare is directly tied INTO this. It is unsustainable. Fix it.

    FIXING BUSH'S MESS IS GOING TO BE PAINFUL AND EXPENSIVE.

    Cleaning up messes ALWAYS is.

    August 21, 2009 10:26 pm at 10:26 pm |
  18. Obama is a Mistake

    How can anyone have any faith in Obama's projections or proposals ? He is tripping out on a personal high.

    August 21, 2009 10:27 pm at 10:27 pm |
  19. Bill

    "Obama officials pin most of the blame for the projected deficit spike on the bleak financial picture: The government is not taking in as much tax revenue, while it continues to spend to try and stimulate the economy out of recession."
    How about this: stop spending our money!!! Instead, they will raise taxes.

    August 21, 2009 10:27 pm at 10:27 pm |
  20. Joe Camel

    lol, what a bunch of idiots who continue with their ridiculous battle cry "Let's spend our way out of bankruptcy".

    Yep, if you voted for the ass clown then you really do own a piece of AmriKa's destruction.

    August 21, 2009 10:29 pm at 10:29 pm |
  21. foxrun

    This is what was reported on Feb 26, 2009.

    "President Obama on Thursday unveiled a $3 trillion-plus budget that he says will halve the federal deficit by the end of his first term."

    What's for certain is that this President is a BIG Spender.

    http://www.cnn.com/2009/POLITICS/02/26/budget/index.html

    August 21, 2009 10:33 pm at 10:33 pm |
  22. Jeffrey Berkin

    This is outrageous! We need aggressive programs to create jobs and decrease deficits–not only federal, but state. We have states with several Billion dollar deficits. Let's boost revenue by creating jobs now!

    August 21, 2009 10:34 pm at 10:34 pm |
  23. champly

    Yeah and its all Bush's fault I tell ya.

    It is clear that Obama hates this country or he wouldn't be trying to destroy it.

    And Mr. President, tell your worshipers to stop their hate speech and their daily acts of violence against the middle class.

    August 21, 2009 10:34 pm at 10:34 pm |
  24. wbn

    This is absolutely no surprise; in fact, it is probably a certainty things will be worse than this projection. In light-speed Obama pushed through stimulus packages, clunker programs, and bank and car manufacturing takeovers, and has even tried to socialize the giant "goose," health care! All without any specific details as to cost breakdown, program plans, or bipartisan work. Congress has not even had time to read the pages that WERE provided on all these. Talk about "no exit strategy!" The USA doesn't have a strategy at all for any of these. A family couldn't survive a month like this–the country may not in the long run, either.

    August 21, 2009 10:37 pm at 10:37 pm |
  25. champly

    Barry Obama has YET to show anyone how Marxist/Democrat party run healthcare is going to save anyone money. He and Congress are like a pack of mad dogs closing in on the kill, the prey being the American people.

    August 21, 2009 10:37 pm at 10:37 pm |
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