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
- Feds charge man that claimed he dressed up like Antifa and beat, stole gear from police during Capitol riot March 2, 2021 11:28 pm
- Analysis: John Roberts has another chance to diminish the Voting Rights Act March 2, 2021 11:04 pm
- Biden now says US will have enough vaccine for every adult by the end of May March 2, 2021 10:46 pm
- Biden administration unveils raft of sanctions on Russia over Navalny poisoning and imprisonment March 2, 2021 10:28 pm
- Analysis: Biden must balance the horror of Covid-19 with the hope to come March 2, 2021 10:25 pm
- 'We're leaving it open': Progressives weigh withholding vote on Covid relief over minimum wage March 2, 2021 10:11 pm
Let's not forget how much of this was inherited when the President took office. Let's not forget how much of this has been spent on an immoral and illegal war. Let's not forget how Americans didn't even blink an eye when deficit spending was for a war. Let's not forget how Americans don't support deficit spending for wellness. What does that say about the greatest country on the planet?????????
US needs to start charging country's for all the work they do abroad. It's like a business that gives everything away for free and tries to stay in business. It just can't happen.
It's amazing, republicans refuse to believe a word Obama says, but now all of a sudden they believe him.
friday night, obama projects 9 trillion debt before a vacation!! This obama really thinks we are stupid. Obamabots, time to wake up and question King Obama. He's ruining the future of us youth!
The Republicans got us in this mess, and President Obama is not to blame. Therefore their critisism has no weight. Let the man do his job and get us out of this mess. It will probably take years to reverse our course, so just have some patience and good things will come to us who wait.
No worries. We'll just sock-it to the rich some more since they've got trillions upon trillions of $$$ stashed away somewhere. Right?
Right?
I have been saying for months that Obama was bankrupting America and now the figures are coming out to prove it! Any moron knows that you can not spend more than you are taking in and yet Obama is Harvard educated and still did so!Ok, the economy is down and tax receipts are less-duh, who did not know that!! Many will be on here supporting Obama and his spending and blaming Bush(which is getting old) but do some homework and see that the housing/financial crisis was due to the Democrats including Clinton and Barney Frank relaxing lending laws and forcing banks to loan money to low income folks to buy houses they could not afford. Idealistic intentions but very stupid and dangerous!! For those that say he has been in office only 7 months-ok, 7 months and look at what he has spent ALREADY! Can you imagine what the deficit is going to be with him in there for another 3 years and 5 months? For "Main Street" folks, the tax man is coming to see you no matter what you were promised!!!
Does China relly have this kind of money?
My alcoholic talking dog says if we don't hurry up and spend lots of money we'll all go broke.
You need not be a Yale graduate to understand that when the flow of cash into your account has slowed down and you are in debt, your best bet is to tighten your belt, not go out on the town spending money like there is no tomorrow. If you do go spend crazy, like this White House and Congress have done, there will be no tomorrow.
Obama's deficicit projection was 2 trillion less just 5 months ago! The 9 trillion projection now doesn't include his idiotic Healthcare plan. Liberals are like teenagers with Daddy's credit card! Wake up America and vote these power hungry, greedy scumbags out of office and replace them with fiscally responsible conservatives
Yeah this bunch is real good with numbers aren't they? I bet most of them don't even know how many digits are in a trillion dollars.
I'm with the Obama administration on this one.
Amazing how they just threw this in under the fence at the end of Friday when Obama was leaving for vacation....and it just proves what everybody already knows: The government cannot budget itself to save its life. It further casts doubt that any government run healthcare would be budget neutral. That's a joke all in itself. This healthcare bill would bankrupt our country further...pushing us into the likes of a banana republic. If you like eating spam for dinner...then support the healthcare bill. That's what we're headed for. If you don't realize that and still drink the koolaid....you're just not educating yourself enough. We CANNOT do this. It will spell death to our economy and change our lives in ways we do not want. When inflation hits and the food shortages start...people are going to turn around and be "shocked". These is not fear mongering or rumor. This is economic fact.
"Reigned in"? Sheesh.
That's great. Any plans on how to pay that back?
Obama is already a failure as a president with his spending and will do anything; say anything to cover his butt as will his loyal followers who can't see how all his spending is destroying this country.
Hard to spin this away. We will need to raise taxes or cut expenses eventually. How about our Military spending? Over 50 percent of the worlds spending on Military is done by us. I don't see how this expense can be justified to protect ourselves.... Maybe an Empire but not our country.