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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For the last 57 years I've paid my dues for every parasite in this
country; now let those that follow me in their youth pay for the ones
that feel the world owes them a living, i.e., every illegal bastard that
crosses our borders. The politicians need each and every illegal
vote to help them maintain their careers in Washington.
Pass the healthcare bill Democrats. Sign it Barry. Do it. Own it. Hell hath no fury as America when it has been scorned. Why to the Democrats and Obama hate America ?
All right let all take a deep breath. whee.... Ok everyone knows that Health Insurance Reform is needed. It's just the how part? The best solutions is to 1. reduce cost 2. no deficit increase. 3. increase competition. The CO-OP Public Plan should only be available to a select groups of individual and business. Run by a private company own by the people who participate as employees and clients. This CO-OP can make money when its outsource it's services. There is no silver bullets but we as a country got to get the ball rolling. Please keep in mind this is an American solution.
For now, I am so trembling with the US$9,000,000,000,000.00 DECIFIT. Obama should stop; printing money, borrowing money from China, spending too much money and reforming public option of health care which will cost range from US$1,200,000,000,000.00 to $3,000,000,000,000.00.
He needs to raise taxes.
Democrats = Hate for America
I really hope this all works out, not just because I want our country to succeed, but because I feel like the Bush Administration was all about creating huge deficits, pandering to corporations and the wealthy, all in an effort to break the backs of the Middle Class.
It all started under Reagan and his voodoo, tinkle-down economics. Increase military spending, cut taxes for the wealthy, create a huge deficit, and then use that as the excuse for getting rid of social programs ("We can afford to help the average American – we have a deficit!")
It's all part of Grover Norquist's desire to make government so small it can be "drowned in a bathtub." (Look it up; he actually said that.)
I've lived in third-world countries, where the top 2% own 95% of the wealth, there's very little Middle Class and the rest live in poverty. I don't want that to happen to our country.
Hey democrats how does this compare to the irresponsible debt and spending of the Bush years? To me it looks like you clowns are a hell of a lot worse than all the previous administrations / Congresses combined. This is NOT a recipe for success. I hope we aren't defaulted as a nation before we can toss you thieves out in 2010.
Oh boy, oh joy, let's give them health care to round it over the 10Trillion number. Seriously we need to clean house and massively decrease the size if the federal governmental all these social programs we, ahem, obviously, can NOT afford. It's way past time to reduce headcount on the federal payroll and freeze social spending, or give future generations a way to opt out of the deficit making financial sinkholes.
Wow...can anyone see the source of the problem here? I quote: "The government is not taking in as much tax revenue, while it continues to spend to try and stimulate the economy out of recession."
In my personal experience, I've found that going to the store and buying a bunch of stuff on my racked credit card does just the opposite of reducing the balance owing. Why does our government think that different rules of math apply to them?!
Stop spending. Government doesn't create wealth. They can just chew up a bigger or smaller part of it. Get out of the way and let the American people stimulate the economy by letting us keep our money in the first place rather than increasing our taxes!
Do we really need to let the governmen know how to simulate the enconomy....
Give the simulus money to the people instead of the banks and big business. If you give US (the people) the money we would most certainly have simulated it (the economy) by buying a house, car, boat, etc, which means the banks would have goten the money anyway.
Money never trickles down.
Does has anyone out there ever hear of the Great Depression? Great! Now does anyone remember George W Bush and his treasury secretary explaining THE COLLAPSE of the U.S. credit markets on his watch?
I for one think we should count our lucky stars that the BUSH COLLAPSE didn't send us back to 1929. We are going to get through this, but I take my hats off to those individuals who fought like heck to prevent a second Republican Depression.
Please stop the spending!
We don't have the money
This is not a Democrat or Republican issue, it is an AMERICAN issue!
What is shocking about it? DEMOCRAPS are TAX, BORROW, SPEND. NO MORE LENDERS! We are in debt up to our eyeballs, NO COUNTRY OUT THERE WOULD LEND US MONEY ANYMORE!
BILDERBERG has finally succeeded in destroying financial institution of USA thru OBAMBI. All who voted for this joker should be proud of themselves. From now on, YOU deserve to be SLAVE of the state, from now on, YOU deserve to be SLAVE of globalist like GEORGE SOROS. The people always get the government they deserve.
If politicians had to use their own money they probably wouldn't be so quick to try and solve every problem by throwing money at it.
Ed Henry has a disdain for the Obama administration. Everyone one knows he is a snotty nose conservatives that hates the Obama administration. I would wait until the President and his administration come out with this news and then judge this situation. If this is true then the Obama administration has to do something to start implementing a long term goal to lower the deficit.
Great, that whole Hope and Change thing!
Is anyone genuinely surprised that this president is facing a budget crisis? The president that promised to simultaneously increase spending, lower taxes, and increase revenues? One can only wish that Reagan had succeeded in passing a balanced-budget amendment.
Funny how the Republicans didn't seem to mind when the Bush Administration was spending money hand over fist like a bunch of drunken sailors and adding like mad to the deficit...
$9 trillion deficit.....perhaps or perhaps not......could be a lot worse or quite a bit less.....minor tenths of 1% of growth and greatly sway those numbers over a 10 year span.
I mean look at the CBO projections from the early bush years.......NOT EVEN CLOSE.
I take projections out past 2 years with little more than a grain of salt as a lot can happen in 10 years......I mean just look at the past 8.
Perhaps we could get in a new war.....perhaps the earth will get hit with a major meteor.....perhaps we will find some cheap medical cures......perhaps we will find a way to create a cheap alternative fuel.
Too many variables
Obama "points out he inherited 1 trillion"....SO HE MAKES IT 9 TRILLION? Someone stop this awful president. Stop spending for us youth!
Nice going Champ. Another day another lie. Ho- Hum
Typical. Drop the deficit bomb late on Friday before you go on vacation for a week. This administration is becoming known for dropping bad news bombs on off news days.
9 trillion? Nice to know that we mortgaged our children's future to pay the raises of CEO's... And, I can only imagine how much this government run health care is going to cost us. I'm sure the Obatons will find some way to defend their Saviour.
"Change" we can believe in.....