Well I am sure the Obama backers are ok with this since he is a liberal. And liberals don't care if something is wrong as long as another liberal does it. No matter how wrong it is. I don't have to imagine what would be said if a conservative did this. It would be all over the press and the left pols would be having a field day with it. I am sure they are spending their way right out of power.
So much for the crystal ball.
In a report next week, the Obama administration will increase its 10-year budget deficit projection to roughly $9 trillion, an increase of about $2 trillion from the previous projection, a senior administration official told Reuters on Friday.
The 2010-2019 cumulative deficit projection replaces the administration's previous estimate of $7.108 trillion, said the official, who is familiar with the plans.
"The new forecasts are based on new data that reflect how severe the economic downturn was in the late fall of last year and the winter of this year," Reuters quoted the unnamed official as saying.
Budget projections are rarely static. As economic conditions change, so do the estimates.
The White House also plans to announce this year's federal deficit will end up about $262 billion less than officials had predicted earlier this year -- in part because the administration has provided less aid than expected to Wall Street.
The federal deficit this year will total $1.58 trillion, a senior White House official told the Associated Press late Wednesday. That's three times more red ink than last year. The official spoke on the condition of anonymity to discuss the report before its release next Tuesday while President Obama will be on vacation in Massachusetts.
The nonpartisan Congressional Budget Office is expected to release its mid-session review the same day. It estimated in June a one-year deficit of $1.825 trillion.
The report for the budget year that ends Sept. 30 also will predict Washington to spend $3.653 trillion this year, the official said. Revenue, however, would reach only $2.074 trillion.
"Whether it's $1.6 trillion or $1.8 trillion, it's pretty bad," said Robert Bixby, executive director of the bipartisan fiscal watchdog The Concord Coalition. "I hope no one tries to spin that as good news."
The midsummer report was supposed to have been released in mid-July, but was delayed, leading to speculation the White House was delaying the bad news until Congress left on an August recess. Other administrations delayed releasing their versions of this report during their first year.
Obama's budget had included a $250 billion placeholder for a second bailout of the nation's troubled banks, but he did not ask Congress for it amid concerns the administration was spending too heavily. The administration also had anticipated more banks failing, but the survival of most banks saved billions for Washington.
The report comes during a rough patch for Obama's presidency. The rancor surrounding the Democrats' proposed health care overhaul came during a monthlong break when much of Washington is in a lull.
The administration earlier this year predicted that unemployment would peak at about 9 percent without a big stimulus package and 8 percent with one. Congress did pass a $787 billion two-year stimulus measure, yet unemployment soared to 9.4 percent in July and appears headed for double digits. Most of that stimulus will occur in the coming fiscal year.
The nation's debt now stands at $11.7 trillion. In the scheme of things, that's more important than talking about the deficit, which only looks at a one-year slice of bookkeeping and ignores previous debt that is still outstanding.
This is CABL.com posting #266383. Tiny Link: cabl.co/mbhsF
