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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-26-10 08:18 PM
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CBO Delivers Bad Budget News
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Source: Courthouse News Service

WASHINGTON (CN) - As lawmakers rush to raise the debt ceiling and the Obama administration tries to tighten its belt, the Congressional Budget Office predicted Tuesday that the 2010 fiscal year would bring a towering $1.35 trillion deficit, which is slightly lower than last year. An expected decade of deficits will take the national debt from just over $12 trillion now to more than $21 trillion by 2020, said the budget office report.

While the independent budget office lauded the stimulus package and other government recovery efforts - which Republicans have decried as expensive and useless - for moderating the severity and length of the recession, it continued to predict a slow economic recovery.

The expected 2010 deficit is slightly smaller than the $1.4 trillion of the 2009 fiscal year, which ended in September, but it still constitutes a hefty 9 percent chunk of the 2010 gross domestic product.

2009 saw the largest proportion of deficit to economic output since World War II, at nearly 10 percent.

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  -CBO Delivers Bad Budget News UpInArms  Jan-26-10 08:18 PM   #0 
  - we need to spend more money on military and endless wars nt  msongs   Jan-26-10 08:19 PM   #1 
  - there you are - such a monger  UpInArms   Jan-26-10 08:25 PM   #3 
  - But but but I thought that Cheney said deficits don't matter!  Zoeisright   Jan-26-10 08:19 PM   #2 
  - How about they begin with slashing Congressional salaries  rpannier   Jan-26-10 08:54 PM   #4 
  - Their salaries are pocket change...  Loge23   Jan-26-10 09:20 PM   #9 
     - Bingo! Not to mention the paychecks for their family members and the cushy jobs that wait for them  No Elephants   Jan-27-10 07:44 AM   #13 
     - Agreed, but that is what people ALWAYS say  joeglow3   Jan-27-10 07:53 AM   #15 
  - Way to deflect attention from Obama. No one noticed either.  timeforpeace   Jan-26-10 08:55 PM   #5 
  - how's that? noticing and all  UpInArms   Jan-26-10 09:06 PM   #7 
  - Does anybody else feel like were living the end of the Cat in the Hat?  jotsy   Jan-26-10 08:59 PM   #6 
  - Are they even counting the nine or ten TRILLION the Fed loaned out at no interest?  bertman   Jan-26-10 09:06 PM   #8 
  - Thank god Wall Street Millionaires got their bonuses, and...  bvar22   Jan-26-10 09:21 PM   #10 
  - Green shoots withering? n/t  Downwinder   Jan-26-10 10:10 PM   #11 
  - No no no. I see games being played on US in this report of a report.  Festivito   Jan-27-10 04:49 AM   #12 
     - Good points. Obama added in costs that Bushco had been keeping "off book."  No Elephants   Jan-27-10 07:53 AM   #14 

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