The CBO is projecting the White House underestimated the deficit by more than $2 trillion dollars from 2010 to 2019.
The administration is expecting the budget deficit to total $7.0 trillion from 2010 to 2019, but CBO is expecting a total deficit of $9.27 trillion.
But here’s the kicker … Nancy “Pay Go” Pelosi doesn’t care …
“Our priorities are the same,” Pelosi said. “This budget is a statement of our values and our investments in education, health care and the health of America. That includes prevention as well as care, and the energy initiatives as well as tax relief for 95 percent of the American people, as well as an approach that takes the deficit down. Those are the priorities of the budget.”
This coming from the woman who in 2007 insisted that George Bush bow to pay go … and the same woman who in January, insisted that the stimulus package not add to the deficit.
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With regard to the first article that is $23o billion a year. But the presidents budget estimates a 1.5% GDP growth rate for 2009 and is even more optimistic for 2010. The annualized growth for this yeah so far has been -6.2% So anyway good luck with that Obama.
In 2010, we will need to be using the term “zillions” and “gazillions” to describe the deficit. Just when I was getting used to “trillions.”
I guess we shouldn’t worry until businesses start relocating in Zimbabwe.
Let’s face some facts: nobody has any decent grip on what is happening. Everybody is guessing. Some are hoping for something better and some are predicting something worse. What we really need is not more guesses, but a determination to work hard to get out of this mess.