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.
From CNN Politics
- Grand jury indictments, explained
- 10 Cards Charging 0% Interest Until 2024
- US flying surveillance drones farther south over Black Sea after collision with Russian fighter jet, officials say
- US to send Patriot missile systems and tanks to Ukraine faster than originally planned
- Bruce Springsteen, Gladys Knight among group honored at the White House
- Untitled
Iraq is still costing us 8-9 Billion a month. Will be glad when we can spend that money here. The economy seems to be getting better. It will never be the false economy we had. People just could not afford some of the things they were buying, expensive houses, cars, fancy gadgets, etc. Our Country will be alright, but it will take time. Republicans need to face reality, they are the ones with their greed and arrogance that got us in this mess.
Nice touch, they put the news out at 5:05 PM ET on a Friday.
Over twice the amount of the 'projected' cost of the health care package for the same time frame.... as a new projection???
This administration has some serious issues with their people who work the numbers. If this is the level of fiscal competence in the 'smarter' administration, doe you really think they can 'save' money in health care, properly manage Cap & Trade? Or even mange your kid's piggie bank?
That is unacceptable, it is time that these goons learn how to balance the budget. Both parties seem to be completely inept when it comes to balancing expenditures with revenue. The Republicans lower revenue (tax cuts) the Dems usually are better with fiscal responsibility but I wonder if Obama will regain the Clinton fiscal restraint when the economy is strong and unemployment comes down. They have got to find a way to balance the budget and eventually pull in surpluses to pay down the national debt, it will make the American economy stronger and it will make people feel better and more secure.
With a jobless "recovery" sure to be with us for months if not years, it will be interesting to see how long Obama waits before admitting he lied when he said he wouldn't increase taxes on any family making less than 250K. There is no way he will be able to even make a dent in this unbelievable deficit without increasing taxes on everyone and everything. Thankfully, people are seeing through the post election "glow," and realize he cannot be trusted. November 2010 can't come soon enough.
Hey Obama......How moral is it to dump 9 trillion in debt on our kids and grandkids?????
of course!
we are drowning in debt so we need to, not only spend MORE, but we need to spend WAY MORE, to try and get ourselves out of this mess...
check me if I'm wrong, but aren't we in this recession because of the bursting of the housing bubble?
what does THAT have to do with the healthcare reform?
the Democrats are being so disingenious with this thing it is BEYOND ridiculous...
More of the same. Remember the good old days with Bill Clinton?
So why add to it? Simple question.
Nancy,
Are you listening ?
The best thing we could do as a contry is to recall all the unspent allocations in the stimulus bill and just have Congress sit on their hands for the next few years. Cut government, spending, no new spending, no additional taxation. Lets get out of this hole before itr caves in on us.
There goes Obama's promise to not raise taxes. You cannot reduce the deficit without cutting spending or raising taxes. Too bad Jimmy Obama Carter is addicted to spending.
UP is now Down, so I'll spend until I save a trillion dollars.
Come on now CNN, this doesn't make Obama look good at all, all of these problems the country's been having since he took office are obviously Bush's fault, can't we just hear more about Obama's vacation or how the GOP is working to make the president fail? We have so many issues that we need to spend tax money on NOW, the deficit will be fine, Obama says so, and I support him!!
The biggest problem with our healthcare system is the cost ! Why is it that no one is polling on cost or ongoing rationing and denials by insurance companies? These lopsided polls and big money influence in Congress is ruining we the voters. SHOULD LOBBYISTS BE BANNED FROM POLITICAL INFLUENCE/MACHINATIONS? YES. DO WE GET REAL VALUE FOR OUR HEALTHCARE? NO.
The Federal Government (well before this year) has not been able to forecast it's way out of a wet paper bag. Releasing news that a further $2 trillion more on top of the already bloated $7 trillion deficit on Friday is just a further scheme by this administration to obfuscate the truth. The walls will be tumbling down soon.
Time for a new administration!!!!
you losers have possibly sunk America
I hope we can pull out of this, I have great hope in American ingenuity
It maybe more than anyone can recover from and is we are lucky to have a pres that is trying so hard and is so smart
We are doomed if a GOPer takes over and behaves like Bush did
I know you're trying hard to do better than Bush, Obama, and I appreciate that, but doing better than him in the amount of money you spend isn't neccessarily a good thing!
Remember "It's the economy, stupid?"
In 1992, Bill Clinton took out Bush Sr with three tag lines:
1. Change vs. more of the same
2. It's the economy, stupid
3. Don't forget health care.
Well, it looks like the same playbook is going to take out Obama: More of the same Democrat taxing-and-spending, an economy in an unrecoverable tail-spin, and a health-care tyranny-in-the-making.
Bye-bye, Barack...
(Doesn't that sound like the title of a song?)
This is the beginning of the end.
I do not care about the deficit! I care about getting healthcare reform for those of us that need it. President Obama did not create this mess. but he is trying to fix it. President Obama also tells the whole truth about our budget unlike the previous occupant in the White House.
ABSOLUTELY Agreed – "exploding health care costs need to be reigned in for the budget to be brought into balance." Leave it up to the GOP and we'll be sitting on a one quadrillion dollar deficit over 10-years. We desperately need healthcare reform legislation and we need it NOW !! Enough of all the bickering, and as for the GOP – Enough of ALL the lies !! HEALTHCARE REFORM NOW !!
Before everybody starts blaming BO lets recap how we got here.
1) A false war created by Bush.
2) Colapse of the banking system also by Bush.
3) Ignoring healthcare for years (see all presidents...at least Clinton tried!)
We didn't really think that these would go away on their own did we? I for one am willing to pay more to make our society the best.
It will not help enough but I am anxiously waiting to hear the names of those several thousand people the IRS has given temporary amnesty to if they divulge their off-shore accounts, including with Swiss banks that they have used to collectively avoid paying billions in taxes for decades. The investigation continues and pressure on Swiss banks to release the names of 10,000s of people is growing. This is an area of REVENUE opportunity for U.S. !!! WHITE COLLAR CRIMINALS !!!
stop spending.................
begin with every dollar in forgin aide, we give billions to people who wants us dead, let them fend for themselves. my son and i are both disabled, me a vet., he was that way when i adopted him at birth, we live on $280 dollares a month, (two hundred and eighty dollars) .
we can't support ourselves let alone a populist world that want nothing but our distruction.
and quit appoligizeing for my America, on our worst day, were still a shining example to the planet.
s. emily missouri