Obama Budget Deficit Grows – Now 400% Bigger Than Bush Deficits – By MSNBC

Projected deficit threatens Obama’s plans

Auditors say budget would produce $9.3 trillion in red ink over next decade

Additional Spending Plans To Be Announced: Additional Bank Bailout Funds – Additional Auto Bailout Funds – Additional Health Care Spending – Deficit Could Grow an additional $6 Trillion Dollars Under Proposed Obama Plans

By the auditors’ calculation, Obama’s budget would generate deficits averaging almost $1 trillion a year of red ink over 2010-2019.

WASHINGTON – President Barack Obama’s budget would produce $9.3 trillion in deficits over the next decade, an eye-popping figure that should threaten his ambitious goals to overhaul health care and explore new energy sources, congressional auditors said. There is, however, no indication the Administration intends to slow it’s reckless spending spree.

The new Congressional Budget Office figures that emerged Friday offered a far more dire outlook for Obama’s budget than the new administration predicted just last month — a deficit $2.3 trillion worse. [As recently as September 2008 that amount was estimated at  $2.3 Trillion – “The CBO’s estimate for the cumulative deficit over the next 10 years is now $2.3 trillion.” http://money.cnn.com/2008/09/09/news/economy/cbo_budget_update/index.htm?cnn=yes ]                 

This is a prospect even the president’s own budget director called unsustainable.

In his White House run, Obama assailed the economic policies of his predecessor, President George W. Bush. But the dismal deficit figures, if they prove to be accurate, would amount to more than four times [400%] the deficits of Bush’s presidency and raise the prospect that Obama and his Democratic allies controlling Congress would have to consider raising taxes after the recession ends.

 Even Peter Orszag, White House budget chief, acknowledged that if the CBO projections prove accurate, Obama’s budget would produce deficits that could not be sustained.

 “Deficits in the, let’s say, 5 percent of GDP range would lead to rising debt-to-GDP ratios that would ultimately not be sustainable,” Orszag told reporters.

 By the auditors’ calculation, Obama’s budget would generate deficits averaging almost $1 trillion a year of red ink over 2010-2019.

http://www.msnbc.msn.com/id/29791927

In 2008 the deficit was $407 Billion – http://money.cnn.com/2008/09/09/news/economy/cbo_budget_update/index.htm?cnn=yes  Obama and the Democrats sees nothing wrong with a $9 Triilion dollar deficit. Whats the difference between $9 Trillion and $407 Billion. If one were to be leaving a tip for a waitress after having a cup of coffee, the $400 Billion would be a 40 cent tip, while the $9 Trillion would be a $9 tip. Think of trillions as $100 Bills and think of Billions as dimes.

The Obama Administration acts as if they are spending dimes – but they’ll need to collect our $100’s to pay for it. 

One Response

  1. […] Political News placed an observative post today on Obama Budget Deficit Grows – Now 400% Bigger Than Bush Deficits – By…Here’s a quick excerptPosted in Banking, Banking Crisis, Barack Obama, Budget Proposal, Economic Crisis, Economy Tagged: $10 Trillion In Debt Under Obama Plan… […]

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