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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I commend any politician from Ted Kennedy and Pres Obama to numerous Republicans trying to reform Health Care. But with this new news bit about the deficit in 10 years being 9 trillion dollars, then with reform comes how to pay for the reform of health care.
Why can't we first PUT IN PLACE how we will pay for health care reform. If we say we will pay for it with taxing those making over $250 thousand, then get that bill through congress first. That will make most people start to think that congress, DC and the White House have a plan to pay for it all.
Before then NO AMERICAN will accept reform.
Hey, what's a couple of trillion here and there? Obama isn't going to dig deep and pay for it with his money or Soros money, it is you and I and our kids and grandkids that will be paying for this! Oh yeah, I am so sorry, I forgot, this is all the previous Administrations mess....
ZERO Confidence in this Administration, perhaps if they would stray back to the center they would find more support from AMERICANS, you remember those people of all color that made America great!
How many more days till we get to vote these bums out once and for all?
Putting things in perspective...
$9 Trillion over ten years averages out to a $900 Billion dollar deficit per year. During the last full fiscal year of Bush's term (which ended just as the current financial crisis was beginning), we added $1.017 Trillion to the national debt, so $900 Billion would actually be a small step in the right direction. Unfortunately, an inordinate amount of that $9 Trillion is likely to be incurred at the beginning of that 10 Year period.
Another thing to consider... back in the early 90s, budget deficits were forecast for the remainder of the century (instead we ended up with a couple years of budget surpluses), and in 2000 budget surpluses were forecast for the forseeable future (instead, we nearly doubled the national debt over the next eight years). You just never know.
Why is everyone so hard on Dear Leader when he's just doing the logical thing?
I mean, everyone who knows how to balance their home checkbook know that when you're in the red the first thing you do is go max out all your credit cards and spend spend spend. Amirite?
Anyone mentioning the skyrocketing deficit should be investigated. They're probably just republican operatives and insurance company executives involved in a conspiracy to make Dear Leader look like a tax and spend liberal. Must be true, I read it on a blog!
The dumbocrats are a bunch of idiots. They are showing everyone that they don't know how to run this country. Everything that Oblama has done has been a disaster. I can't wait til election time when America will speak loud and clear that these incompetents in office are finished! And to think that I was once a proud democrat. Never again!
"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." Above article....
... and the Republicans are getting ready to scream too much money by this president.... !!!!! As apposed to what? The hypocrisy of what the "Bushes" have spent?
Gezuz Pete... what the hell is the matter with the media.... are you bozos going to cover this like it is happening in a vaccum? For God's sake... try to pry yourselves out of the collective republican but... for a change and tell us the TRUTH for once! I am so sick of this kind of reporting that I can hardly bring myself to come in here anymore!
Shuuut Up! This is becoming a joke!
What is the big deal? Don't we know this all along?
Tax and spend. Change we can!!
The White House needs to wake up and understand the dire economic situation we are facing in America. They don't seem to care about the deficit and they aren’t listening to what people are saying. The news on the deficit keeps getting worse, and the answer is to spend more money. How can a government who can't estimate the demand for Cash for Clunkers or cable box rebates possibly estimate the demand and cost of a government run health care plan 1 year, 2 years, or 5 years from now? Focus on getting private business hiring again. That should be the number one priority. Right now we need red, white and blue jobs, not government-run health care, higher taxes, or green jobs subsidized by a lousy cap and trade plan.
Can the media run a coverage on how many percent of the tax revenue are we paying for the interest of this debt. Can we even pay this debt down?
i give obama 3 stars for trying and his calmness , hell will these jokers, they dont care about america or anything. iam real american and hes my president, something i agree with him ,but I tell him such, hes a good leader in bad times.
Bush cut taxes and federal tax revenues incresed by 33% over anything that was collected during the Clinton Administration.
Some of those things are counterintuitive.
The recession will not last forever, and the deficit cannot be predicted 2 years from now, let alone 10 years.
Will he ever talk tort reform or union demands...don't think so. When has spending been a means to reduce debt? What else would you expect from a man who never ran a corporation, had to meet a budget or payroll? What else has he grossly underestimated? Does he really think taking on his health reform plan will solve our economic problem? He needs just to look at Germany, France and England to see how universal health care is bankrupting their countries.
Oops – only off by 2 trillion in the first year! No ability to forecast... no concept of spend as you go. Talks bipartisan and then threatens the reconciliation approach for healthcare reform?!?! Now I hear the economy is well on its way to recovery? Mortgage defaults continue to increase, year over year? I don't see any jobs for people popping up – many I know who were employed throughout the Bush years are now struggling as Obama says he has saved us. And finally, anyone paying attention to american troop deaths in Afgahnistan? The american troops died in Afghanistan in 2009 are already higher than any prior year (since data started gathering in 2001). And I know I never get vacation my first year on the job – why does he?
Do we know that deficit means debt? And that the majority of americans live in debt... if so, then what are we worrying about? We live in debt, our kids, and so does our government...
If we do not want a deficit then we cannot spend what we do not have... yes that means we cannot go into wars (have you ever seen the pentagon's budget), have helth care reform, food stamps, medicare, new roads, new schools, etc, etc, etc.
So republicans will moan and complain because "how can we pay for health care?" right? But they need to remember they might not want health care, but they do want wars.
So if the Obama administration projects $9 trillion deficit over 10 years, that means that the real deficit will be higher.....And all in just 6 months...What a record for the "agent of change"..... Sorry Bush, but you are falling short with relation to the "administration of change." Yes Bush, you are losing your title of "worst president" to Obama.....Yes Bush, you are losing your "title" thanks to the administration of.........FIASCO.
I wonder how many people in this posting will quote the 46 million uninsured figure. That figure is way overdone! Its more like 10 million when you take out illegal immigrants, people that can afford insurance but don't, young people that don't think they need it, and people that qualify for medicare or medicaid but don't sign up for it because they figure they can get better care in the ER. Let's get these 10 million or so insured through subsidies or other programs, but to do this we don't need to blow up the best health care system in the world!
Is this a surprise? (maybe to Obama who has never had a job with profit and loss responsibilities) It's pretty simple really, if you increase spending with decreasing revenue, you will have a deficit. Another $10 Trillion for his healthcare plan will be a big help. No matter what he says, there are not enough "rich" people to cover all of this. To pay down the deficit he will have to impose the new "trickle down theory", with increased taxes trickling down to all of us.
uhbumbu lies, and the economy dies.
Can you believe it, and now Obama wants to add more spending. This guy simply doesn't get it.
What do you expect? Fixing a mess is not easy and it's costly. I who have a brain and think rationaly will not care for a tax increase if it is to bring the deficit down and I believe Obama will have to make some ignorants very very unhappy raising their taxes.
Oh I see....Health care costs have to reigned in for the budget to be brought into balance. So if we spend 1.6 trillion everything will be better. Got it.
$9 trillion in 10 years....That's insane. And to blame this on health care is just a flat out lie. The government spends money on Medicare and Medicaid, not on private insurance. So if anything needs reform, it's Medicare and Medicaid, not private insurance. And we sure as HELL don't need a third public option.
Private insurance makes money. It's called a profit.
Medicare and Medicaid spend money. It's called a deficit
Guess which one is better?
9 .... T R I L L I O N......TRILLION...TRILLION...TRILLION...TRILLION
What happened to the days we used to be concerned about our Gov. spending millions........
The Republicans and Democrats in office continue to take us down the drain......it's time to get rid of them all and start fresh with a new group of Rep's and Dems.
Please, please learn to spell "reined," as in "reined in," the correct way to say "controlled." Not, not, not "reigned in," which strictly speaking has no meaning at all. Yes, they sound alike; yes, both are real words, so spellcheck will not help you. But "reined" has to do with controlling things; "reigned" has to do with ruling over things. Look it up! To hear y'all tell it, liberals have all the brains; so surely you folks at CNN are smarter than this.
I have been saying for the last month that Obama has bankrupted our country. Any ignorant person knows that you can not spend more than you take in and he is supposed to be Harvard educated... I know many will claim that it is Bush's fault... More uninformed Americans. Go google who deregulated the banking industry and forced banks to lend money to those folks that could not afford homes. Yes, it was Clinton and Barney Frank that led the charge to grant every American the dream of owning their own home. Idealistic but extremely stupid!!! By the way, to all those on "Main Street", the tax man is coming to see you no matter what you were promised. There is the change you so desired.... Forget health care giveaway to all the folks with their hands out – Obama has already broke the piggy bank!!!
Maybe the OMB numbers are better than the administration thought they were.
However, the cynic in me says that the WH knew it all along, and doesn't care. After watching all of this, I'm convinced that democrats think that the government can print as much money as it wants with no ill effect.