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.
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is this yet another ocassion of mis-reading the economy? and this is without the cost of healthcare reform.
Impeach him now. We have to stop him.
Why does someone not tell Obama,that you can not spend your way out of a recession. Japan tried it and it took them 12 years to recover from that stupid mistake....
A trillion Dollars is a lot of money? who is going to pay for all Obama's spending?
If Bill Clinton could fix it, so can Obama.
Geez, folks, this country is supposedly a democracy.
EVERYONE in Congress is responsible for all of our problems, not just the president.
And each of us is responsible for putting the right people into Congress.
So, are WE doing the best job we can?
A trillion here, a trillion there, before you know it your talking about real money.
How in the world can this ever be repaid. We surely can't go on like this! Is the president listening to the people of America?
Does this mean we can put the final nail in the coffin of Government-run public-option health care? If not, expect that projection to reach a minimum of $10Trillion.
OMG, this means we'll see Obama blame Bush even more. This is what we get for electing an experienced Senator from Chicago.
Can the White House please explain how spending more money is going to reduce the national debt? Its a small wonder that type of financial wizardry made the administration adjust their projection from $7 trillion to $9 trillion in three months. Politics in America has already turned into a joke in the past three months but at least this administration's ineptitude is actually funny which is sad really...
Yes, it is a big deficit, but ask any of those who criticize Obama over the spending...what would the US economy look like if our President didn't take aggressive spending that will create a stable economy. It's not President Obama who created this mess, he like I, were still in school watching our elected officials getting rich while in office. I thought it was everyone else they were suppose to be helping. Not themselves to life long benefits most of us would kill for. And they gave it to themselves, because they could.
When are we going to rein in spending? It is irresponsible to spend money you don't have! We need to cut the budget until we have money in the bank.
"Change You Can Believe In"... I believe things have not changed... for the worse!!!
WHAT????? THERE's A DEFICIT???? OMG..... Hasn't there been a deficit in place since Bush was in office. Oh guess you didn't read that part in your history books CNN? This is sad. Are we that naive to believe that in 7 months we accummulated this much debt?? Bush basically left Obama in a crunch where he was disabled even if he was going to do something for the country. So basically the Bushie boy has screwed us for how many years now?? People please wake up! CNN I'm sorry but I'm almost ashamed that this is what you're regurgitating on your site now. Why no Ridge story??? Isn't that big news? That Bush further did some underhanded and really low life things when he was in office? Why are you not reporting on that? Is that too hard of journalism for you? Or is this a real cover up by the Republican party! Maybe The Right Wing has actually gone and purchased CNN with all of their RNC campaign money! Wouldn't be the first crazy thing that's happened in this country. It is a sad day for America!
I think this might be the nail in the coffin for government run healthcare or the "public option". Maybe now congress can get to the business of real Healthcare Reform like removing the restrictions between states, tort reform, or co-ops.
This is a 2 Trillion dollar jump and it does not include health care! I am fully aware the Bush's TARP 1 started this but am astounded at how this administration has NO fiscal discipline! This unbridled spending is going to have to stop! Some of you who respond will remind me of how Bush started this. I just told you..I know! but, what is the excuse for THIS administration??
Dont back down Obama! Don't back down! That's what the Repubs want you to do. They're trying to shame you into backing down! Don't let them win! Those people are crazy and I don't want them running this country anymore.. Please, please, please... Don't let these modern day American terrorists keep controlling the country. They've had us by the b&lls long enough!!!!
Well, at least it's only 9 trillion. This month anyhow. Gotta be Bush's fault!
Without the stimulus 6 million more jobs would have been lost. This is definitely not Obama doing . In fact we should thank God we have a president who is focused on building a new economy.There are three main reasons for the deficit
1. Medicare D : It was not paid for: Price tag 1 trillion
2. Iraq war : Was not paid for : Price tag 1 trillion
3.Tax cut for the rich : Was not paid for. Price tag : 1 trillion
The Obama stimulus is the only expenditure that actually goes to Job creation and new economic foundation.
I can hear the rethuglicants predicting the end of the world as we know it already.
Here's the real truth that American history has taught us about deficits:
Two to three years after the US economy comes back to anywhere near normal these wild-eyed deficits will disappear – even with the public option running at full steam...
Health care will add another 5 trillion to the total......
Democrats need voted out of office and a balance of power restored.
"SHOCKING!!," CNN says of new deficit projection. Why does CNN make that judgment, if its reporting be neutral? The word "shocking" should only be used with attribution. I don't find a 20% increase in the projected debt as unreaonsable, nor shocking. Rather necessary if regrettable.
The Obama Administration is one joke after another. They are going to self destruct. How could anyone in their right mind support such confusion.
Get ready for the return of stagflation; first created by that other great Democratic President, Jimmy Carter. Stagflation is the combination of unemployment and inflation over 10 percent. We already have 10 percent unemployment; the way the Fed has been printing money to buy banks, insurance companies and auto manufacturers almost guarentees it. Idiots. Get rid of Geithner and Bernanke now!!
and now cue the GOP chorus of economic wisdom based on personal financing.
i have a idea dont pay congress and cut there wages and drop there health care they dont need it or desevered it.there rich. gop think there winning this ill wil bring facts.. oh were in debit allright thanks too past miss mangement.