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.
Obama is starting to scare me with his spending. Really. I am in shock at how much money he is spending. At a loss for words right now...
BO is a total failure on everything he touches. Why change a great country on every one of his agenda items for less than 15% of Americans. If you just have to do something just give your free stuff to the 46 million people that want it and leave the American people alone. BO cannot even manage the auto clunker program with just 3 billion dollars. What makes BO think he can manage a trillion dollar plus health care system. I just hope the USA is going to be around after 4 years of this nutjob.
Oh, goodie! Obama makes our wildest dreams come true! Yes, Libs? Happy now?
Bush and company made a lot of money off of us
Wow, I guess elections do have consequences. Good luck with that.
Way to go Obama, keep spending – that's the way to fix the economy.
Let's face it, Obama has no experience AT ALL, He's caused more dividing than uniting, his policies so far have stunk, even his own party doesn't have a clue regarding his health care plan and are afraid to support it – for good reason.
I have the title for his 3rd autobiography "Obamanation! The Worst President In US History."
I am amazed that each of your articles is pro-Obama saying the people just don't trust Washington. That is an ignorant assumption which intentionally diminishes the intelligent community who knew better than to vote for Obama. It isn't a distrust of Washington, it is the marketing sensationalism, the continued campaigning and lack of true understanding of the desires of the American public – not the semi temporary IT workers from other nations, not the illegal immigrants, not the third generation welfare recipients... but those who are still trying to work and pay their own way that are absolutely amazed. The media is so enamored with the celebrity status of Obama, you refuse to see the examples of fascism and marxist strategies being employed. He spent so much – now up to $9 trillion and that will be their reason for taking over the health industry? Please – this was a free country only 12 months ago and now we will be a dictatorship by Christmas – or do we have to give that up too?
It sounds scary, but it's really quite modest when compared to the cost of the war in Iraq... :-(
I trillion here, a trillion there and pretty soon you're talking about real money....better get those printing presses working overtime – and hang on for the hyperinflation coming our way.
We are ignoring the underlying cause of the escalating costs in every facet of our society in the USA, not just health care. Until we address the runaway legal crises ALL costs will continue to spiral out of control.
I've been a strong and loyal supporter of President Obama, and I still am. But the President has to seriously take a look at this situation, and consider doing three things:
1) Roll back the federal government's size by cutting some of its programs, and bring it back closer to compliance with its original delegated powers, outlined in Article I of the Constitution.
2) Eliminate more corporate loopholes, tax breaks, and tax havens, while focusing on big corporations (try to spare the small business).
3) No more bailouts, period! No matter what. Just let them die.
4) Raise taxes BIG TIME on the upper class.
We are on a train to disaster.
Before we crash, the train will make two stops for elections.
GET OFF THIS TRAIN!
sure.....we can afford it
Spending more than we will ever be able to pay back!!!please bring back Bush!!!
One fact that CNN should mention is that these numbers are not much different than the projections that President Bush left us. The main difference is that the Bush administration did not include funding for the war or the lost revenue of the AMT in the budget but instead left them as supplemental requests. CNN should put this in context.
HOW many trillions of dollars?
Very soon we'll be talking about real money again.
War without end sure can be costly. So why are burying our country and future generations in an abyss of debt? Time to come to our senses and give up the demonic role of supercop of the world.
every industry in America has big corporations. These big corporations pay their CEO's and executives well. But why shouldn't they? These are the people that are responsible for the companies well being and thousands of people's jobs. So now liberals are targeting large health insurance company's because their executives make big money. So lets have a government take over of health care to fix this. But why should we stop there. The government should probably take over retail as well since those fat cats at Wal-Mart are stealing money! The government should probably take over the internet and computer industry too because of those fat cats at Google, Microsoft and Apple! give me a break people....
Providing affordable, practical alternatives to health care is critical to turning things around @ this point. It's not cheap & combined w/ other stimulus spending it may seem exhorbitant to some, but the alternative could be disastrous.
Shocking? Not the least bit surprised. Obama can't continue to throw money out the window and let it fly away in the wind. Just wait .. Taxes will go up for the Middle Class. He will make sure Obama's Health Plan happens no matter what. You think it's bad now!!!!
A word to the wise so that you understand what the White House does not want you to recognize. Our politicians toss around the words billion and trillion as if they were pocket change. The fact is that 1,000,000 (one million) millions only makes up one billion. It takes 1,000,000,000,000 (one billion) millions to make a trillion.
Unless this Obama Administration and the Pelosi,etc. are contained not only are we bankrupting the American Dream but we are dismantling all the values that have made us the envy of the world. Obama is leading us to a path that Government knows best and individual freedoms and choices no longer are the basis of our greatness. The economic system that has brought us great rewards will be destroyed and America and future generations will make the sacrifice in diminish economic standards and individual freedoms.