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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Well, DUH!!! What do you expect when you have the government throwing out money left and right?!? Especially when it's mostly to the same people who made the stupid decisions that got us in this mess in the first place!
That's a bit of a stretch for them to say they need to spend billions and trillions on health care to solve the deficit problem... please CNN, please call them on that one!
Oh what the heck - a little change we can believe in is worth it.
Will everyone quit fighting, stop with the politics and see what can be done....Both sides please...
When you are burying the future of your grandchildren, it really doesn't matter if they are buried under seven feet of waste or nine.
And the deficit will only go up if the health care plan passes. And gee, they're not taking in as much tax revenue. I guess we know what's coming next.
Get Obama and his lackeys out of the White House NOW.
Is Obama's secret goal to bankrupt America?
Every time Obama is seen, he has a microphone in his hand giving another speech.
The campaign is over you putz, pay attention to your real job.
Stop throwing money at the economic problem and come up with a real solution.
Health care should be at the bottom of the list.
If the GOP was in power over those 10 years, we would be looking at triple that at least. The future of our great Country looks promising with Obama 2012, Clinton 2016, 2020.
Thought during the election, he said the Bush deficit was bad! BO managed to rack this much up in less than 1 year!
This sickens me....we need to learn to live within a budget. We need to look for ways to cut spending and reduce the size of our government. We could balance our budget in 3 years if we were serious and in the end our economy would be even stronger. We have to stop with the earmarks, stop the pork spending, stop this nonsense about healthcare reform. We all need to work more, save more and pay for our own housing, food and healthcare. We can't afford to have people on welfare or disability who could be working. We can't afford to have people retiring at 65 then living to 95. We need to stop over taxing the hardest working americans to pay for the laziest americans....we all need to work 40 to 50 hours per week.
This dimwit had better get his government's fiscal house in order, or he'll be gone in 2012 and we'll all be in the poorhouse.
How can these numbers be shocking? Bush started this insane spending spree and Obama has doubled down on it. By the way, the Democrat health care "reform" bill will make things worse. The Republic is in true jeopardy.
The front-page link to this story called it "shocking." At this point, who could possibly be shocked by the gross incompetence of Congress and this administration? It will be shocking when they STOP throwing extra trillions of dollars of debt on the backs of our children for their latest "moral" imperative.
Who broke it? Who allowed it? It takes money to fix what's broken.. and the longer you wait to fix it, the more it costs! 'Can't go blaming THAT of this President! Too many cheeks turned for far too long that allowed all the corruption and fraudulence such rampant power that it is going to cost us ALL a whole lot more to shut it down! That really doesn't take a rocket science to figure out!
obama doesn't have a clue as to what he is doing or how to do it. All he knows how to do is sit there while georgie soros pulls his strings.
Larry needs to take longer naps before he works with the budget numbers!
With these liberal idiots at the helm America is going down!!
Does this guy not care about the future of this country? How can anybody justify the constant deficit spending? Unbelievable.
Gee, previos presidential administrations allow corporations to send there factory work over seas, These factories generat local and federal tax revenue and help prop up the us goverments. I have said for years, if a city,state or federal goverment allow these corporations to uproot there manufactoring base and move it over seas, you also see the tax dollars going with them.
Its plain and simple economics. Why did Bill clinton allow China to be part of the NAFTA when it is china that has taken in most of these mfgs???? China does not care..thay own 1/2 of all these corporations. When a employee in one of these factories complain to the goverment about there working conditions, thay complain to the factories 1/2 owner.
Well, you left wing liberal NJs and blind nonthinking sheeple voted for the anti-christ. What did you expect. And you can't blame this mess on Bush. Though you will try.
My first thought is the rich tend to ignore articles like the above....but when you consider this ammount of money...they really should sit back and realize that in a few years down the road their money won't be worth squat and it will be too late to change anything...so sad for everyone. God smiles because he is showing each and every person that we are so connected yet haughtiness has prevailed.
I just hope the American people aren't stupid enough to elect this thing again in 2012. As it is, they 'll never get the smell out of the white house.
Makes playing games in Iraq and Afghanistan look like rather expensive pastimes, doesn't it?
Oh, and don't forget what all we're doing about the "environment," and then there's health care, of course. We wouldn't want to leave that out.
This Democrat did not vote for this. Elections coming up in November, though.
Don't miss your chance to weigh in on this "strategy." I know I"LL be there!
Lots more Obama bashing on this site than a few months ago-CNN is competing with Fox now?
That was a few hours ago – who knows how much obama has grown the deficit since then.