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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Doesn't bother me.........We are America we've been through worst. The The 7 trillion in debt was projected before the downfall. So Bush, and Obama combined spent 2 trillion, to save the financial system, it was worth it. Bush(TARP 700 billion) Obama (stimulus 787 billion).
At least I know where that went........Where did the other 7 trillion come from?
Wakeup America, Obama and the Dems are spending the USDA into oblivion! Throw the bums out!
Americans are still too stupid ot realize .. EVEN AFTER THE "LAST" PRESIDENT...
that when the President fails, America fails...
and we know the right would rather see this country in ashes rather than work for the success of this President.
but, as usual... this post will never see the light of day.
WOW!!! Only 2 trillion over projections.... look out middle class – the tax man cometh!!!
One and done, Hussein, one and done.
More cluelessness from this administration. Big surprise there!
Blame whoever you want, my momma always taught me that when you point your finger at others there are 3 fingers pointing back at you!
This isn't new info, Ron Paul has been saying it for years
So lets add trillions more to break up the greatest health care system in the world! Why would we want the best and brightest doctors, best medicines and best technologies. Let the government take over and ruin the innovation in our country and led us to bankruptcy!
You can thank the Industrial Military Complex!!!
That's OK. Just don't look back on GOP extremists. We should get health care reform with public option, end criminal wars and have strong government support for fundamental science and innovative technology.
I was telling my co-workers today that either this guy is so super smart he just looks stupid to the rest of us or he is a complete and utter buffoon for listening to his advisors. I want to believe he knows what he is doing, which is why I question his motives. He isn't going to get away with this for too long. We are going to ensure that come 2010 elections, this guy will be the worst lame duck president in U.S. history. We want him to fail. We want to destroy his Presidency. He has used his office and the power we loaned him to attack the hard working, tax paying, law abiding, "astroturf" of this country for about the last time. I doubt the editors of this blog will have the guts to publish this message for their liberal readers, so please forward it to Mr. Rahm Emanuel, POTUS Chief of Staff, for his review and enjoyment. We The People keep our promises. This guy is already a lame duck and he has a dead fish for COS.
Mr. Cooper
Concerned American Citizen
We need to increase taxes on the top 2.5% income earners. THey have benefited from the US more than any one else, so why shouldn't they pay more in taxes. There is NO real evidence that increase taxation on the the top 2.5% will hurt the economy. This crap the republicans keep coming up with about taxes is just because they are gready. Most republicans are too stupid to realize that increased taxes will not hurt them.
We didn't get to 9 trillion just this last year. It took 8 years of George W. and his cohorts to get us where we are today. It will take a loooong time to clean up the Republican mistakes. We need to learn from our mistakes, but we won't we're believing everything and anything the GOP is throwing at us....we are very gullible.
Liberalism is a great idea when logic is not factored in. They are willing to sacrifice the financial future of the country to provide health care. It will not work.
Wow! That number is so big that usually it's used to describe the distance between galaxies.
If anyone still believes GWB is the author of this new number, they need some serious help.
Obama and the Dems are wearing this new deficit, it's theirs. Along with every bailout, stimulus, infrastructure project and healthcare project he has initiated which will bury the USA in a hole so deep it will take 25 generations to dig out.
Start chanting: Three more years. Three more years...........
Exploding healthcare costs are an insignificant factor! Obama is spending us into bankruptcy! China and some of our other debtors see thsi and the loans will be cut off! We are in for a terribly rude awakening! See you in the soap line!
Well you can bet it will even higher than that at the rate they are spending. When is the government ever right about their budget projections?? Someone please tell the Democrats the check book is empty!
Can't wait to vote Obama out and finally put America on the road to prosperity.
$9T deficit over ten years?? Why is the stock market going up? The only investment I would consider making is wheelbarrows - everyone will need one to carry their worthless dollars around in when a loaf of bread costs $10,000,000. Can anyone say "Weimar Republic"? Not exactly the change I was expecting when Chairman O got elected.
Increase taxes and you will get lot of revenue. Our President and all liberals are thinking that they can manage deficit with somebody elses's money. Spread the wealth Mr. President. As a matter of fact you were community advisor and you lived with somebody else's money as well.
This guy has put our country in economic disaster and now he wants have a holiday. I wish somebody can give him lessons for his actual job. This guy has no experience and no idea how to handle it. He can't just get it.
CNN please make sure you post this one.
Just listening to the talking heads whining about the slight improvements in the economy and it's not enough. Do you people realize that no matter who was President they cannot clean up the mess George Bush made in 7 months. I mean give things a chance. If you all were willing to hold your tongues for eight years, the least you can do is hold your tongues for four years.
I can't believe I voted for this guy. He needs to go!
Please fire the overspending, inexperienced and arrogant President and his administration before we get us to the point of no return. These folks are insisting that their way of doing things is wrong when the results are quite contrary!!! So what kind of a change is this from the Bush era where the cowboy President had the same attitude?! From cowboy the President to bozo the President, wow, what a tragedy!!!!
Everybody deserves health insurance in the United States. It is the right thing to do. Maybe we could have a tier system. The basic level is free. You can add extras but the cost would go up for you. Then we could spread the cost around.
This administration is a disaster.