Quote:
Originally Posted by 12clicks
as I said, halfwit. find facts, not leftist opinion.
http://www.msnbc.msn.com/id/29791927/
WASHINGTON — President Barack Obama's budget would produce $9.3 trillion in deficits over the next decade, an eye-popping figure that threatens his ambitious goals to overhaul health care and explore new energy sources, congressional auditors said.
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. It's 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 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.
By the auditors' calculation, Obama's budget would generate deficits averaging almost $1 trillion a year of red ink over 2010-2019.
Worst of all, the budget office says the deficit under Obama's policies would never go below 4 percent of the size of the economy, figures that economists agree are unsustainable. By the end of the decade, the deficit would exceed 5 percent of gross domestic product, a dangerously high level.
White House budget chief Peter Orszag said that CBO's long-range economic projections are more pessimistic than those of the White House, private economists and the Federal Reserve, and that he remained confident that Obama's budget, if enacted, would produce smaller deficits.
Even so, Orszag acknowledged that if the CBO projections prove accurate, Obama's budget would produce deficits that could not be sustained.
------------------------------
http://www.newsmax.com/Newsfront/deb...4/21/id/356486
America’s fiscal picture is even worse than it looks,” Altman writes. “The non-partisan Congressional Budget Office just projected that over 10 years, cumulative deficits will reach $9.7 trillion and federal debt 90 percent of gross domestic product – nearly equal to Italy’s.
“Global capital markets are unlikely to accept that credit erosion,” Altman says. “If they revolt, as in 1979, ugly changes in fiscal and monetary policy will be imposed on Washington. More than Afghanistan or unemployment, this is President Barack Obama’s greatest vulnerability.”
The financial outlook for the United States is frightening. The CBO projects the size of the federal debt to increase by nearly 250 percent over 10 years, from $7.5 trillion to a whopping $20 trillion.
The only remote comparison to such a debt load occurred during World War II, a global conflict that killed 50 million people, Altman and other analysts have written.
But there is no real comparison even in the 1940s and '50s for such a rise in indebtedness – nothing remotely like it has occurred since record keeping began in 1792, Altman writes.
now I'm sure the CBO is lying  |
An msnbc article isn't left? Sweet...
Clearly you're not able to understand what the topic is and how it relates to what you posted.
None of those things you posted state Obama increased the deficit to 20 trillion dollars. We already know the deficit is going to go up. That is why I said I want you to show what Obama, what changes Obama put in, that made it go up to 20 trillion.
Quote:
Originally Posted by 12clicks
dear idiot, it goes something like this:
"I inherited a 1 trillion dollar deficit so I'm going to spend 20 trillion to fix it."
|
As I was saying... this would be incorrect information. He isn't spending 20 trillion to fix anything, it's a projection of what it could cost us if nothing changed and as I quoted above "
The President himself acknowledges that his proposals do not fully put the budget on a sustainable footing and has established a bipartisan fiscal commission to recommend more substantial deficit reductions........"
My god... get a clue.