The U.S. government’s long-term budget outlook is darker than expected, with projected deficits over the next 10 years totaling $2 trillion more than had been forecast, according to an Obama administration official.
A White House budget review set for release Aug. 25 will show cumulative deficits over the next decade amounting to $9 trillion, up from $7.1 trillion that the administration predicted in May, the official said on condition of anonymity because the figures haven’t been made public.
The rest of the story is at Bloomberg.
Of course, the upshot of this is that the economy is in much worse shape than anyone in the Obama administration was willing to acknowledge. Yet Obama continues to push programs that spend taxpayers' money like a drunken gang of juvenile delinquents who just stole a billionaire's credit card.
2 comments:
What's that old saying? Give them enough rope...
Yep! And just wait till we are hit with the next wave of mortgage failures--this time from the commercial sector--and the tsunami of auto repossessions created by the 'cash for clunkers' program.
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