Obama Lowballed Deficit Figure By $2 TRILLION!

Nice work. It looks like Dear Leader was a wee bit off.
Team Obama was $2 trillion off their budget deficit estimates.

Obama and the Democrats may not know how to create jobs- but they sure know how to spend money.

Barack Obama will likely quadruple the US deficit in his first year in office. He will reportedly spend $23.7 trillion to “fix” the economy… or bankrupt it by next year. And, he has no one to blame but himself.

The Obama Administration just raised their 10-year budget plan by $2 trillion.
Reuters reported:

The Obama administration will raise its 10-year budget deficit projection to approximately $9 trillion from $7.108 trillion in a report next week, a senior administration official told Reuters on Friday.

The higher deficit figure, based on updated economic data, brings the White House budget office into line with outside estimates and gives further fuel to President Barack Obama’s opponents, who say his spending plans are too expensive in light of budget shortfalls.

The White House took heat for sticking with its $7.108 trillion forecast earlier this year after the Congressional Budget Office forecast that deficits between 2010 and 2019 would total $9.1 trillion.

“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,” said the administration official, who is familiar with the budget mid-session review that is slated to be released next week.

Let’s give them health care!

Don Surber calls it this week’s Friday afternoon bombshell.

Comments

As a privately owned web site, we reserve the right to edit or remove comments that contain spam, advertising, vulgarity, threats of violence, racism, anti-Semitism, or personal/abusive attacks on other users. The same applies to trolling, the use of multiple aliases, or just generally being a jerk. Enforcement of this policy is at the sole discretion of the site administrators and repeat offenders may be blocked or permanently banned without warning