CBO: Obama's Record Budget Deficits Even Worse Than Predicted
Posted by Jim Hoft on Friday, March 5, 2010, 7:07 PM
The US budget deficit will be $1.2 trillion more than predicted by the administration.
CBO Deficit Estimate
But, don’t worry. Team Obama was only off by a mere $600 billion in 2020, give or take $50 billion.
The CBO announced today that the US longterm deficit picture is even worse than originally predicted.
The AP reported:
A new congressional report released Friday says the United States’ long-term fiscal woes are even worse than predicted by President Barack Obama’s grim budget submission last month.
The nonpartisan Congressional Budget Office predicts that Obama’s budget plans would generate deficits over the upcoming decade that would total $9.8 trillion. That’s $1.2 trillion more than predicted by the administration.
The agency says its future-year predictions of tax revenues are more pessimistic than the administration’s. That’s because CBO projects slightly slower economic growth than the White House.
The CBO predicted that the federal deficit would hit $1.5 trillion in 2010 under President Barack Obama’s proposals. This tops last year’s record deficit and is more than three times the deficit during George W. Bush’s last year in office.
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Published May 24, 2012 at 8:46 pm - 63 Comments
Neoavatara commented:
Trust me…I don’t even think we have seen the worst yet. The CBO is still using a figure of approximately 3.5% growth GDP this year, 4% next year to calculate those deficits. Deficits will skyrocket if we don’t meet those goals.
Just_Saying commented:
Billions more simply for the Obama Administration’s campaigning (Air Force 1) and partying…
.
Jo commented:
Bozo will do an Job Creatioin with the Muslism Countries:
“Obama calls ‘entrepreneurship summit’ with Muslims…” –The White House on Friday announced
40 countries over five continents for the April 26-27 conference in Washington.
BOZO’s agenda to get the world some jobs and raise our taxes and create larger US deficits so that Kenya can overtake the US economic growth by 2012.
On a different note, at least others in the world will have jobs, pay-off their mortgages, and buy expensive cars. Bozo says, I hate American Christians, I’m glad I’m destroying them so easily.
kansas commented:
Obi Won is getting impatient to destroy this country.
Opus #6 commented:
Because. He. Won’t. Stop. Spending. Our. Money.
Dell commented:
A trillion here. A trillion there. Pretty soon you’ll be talking about a lot of money!
jainphx commented:
Deficits? What deficits? Harry Reid said that we only lost 36,000 jobs and thats a good thing, so deficits must also be good.
Mike W commented:
But,but look over here we only have 36,000 more unemployed and look over there its illegal immigrant time and look over in the corner there is health care and look up its the cap and trade to crush you.
Its all Bushes fault so there take that. Now wheres my waffles.
S. Wolf commented:
Dell #8
No kidding and we can’t begin to pay off the debt as it is..
This year, US public debt could reach end game
“In 2008, the size of the debt was such that it was quite clear that it was not sustainable. Now we have a timeframe to measure the likelihood of insolvency for the US public debt, and it is this year. The reason for that is described in an article whose title needs no explanation: “The bankruptcy of the United States is now certain”.[4]
The abyss of debt
By the end of 2010, the US Treasury will have to refinance US$ 2 trillion in short-term debt, plus additional deficit spending for this year, estimated to be around US$ 1.5 trillion (US$ 1.6 trillion today two months after the original article was published). Together, the US Treasury will need to borrow US$ 3.5 trillion (US$ 3.6 according to this writer) in just one year.”
…
“According to the author, the United States holds 8,133.5 metric tonnes of gold (the world’s largest holder). At November 2009 dollar values, that is about U$ 300 billion.[5] The US strategic petroleum reserve shows a current total position of 725 million barrels. At current dollar prices, that is roughly US$ 58 billion worth of oil. According to the IMF, the US has US$ 136 billion in foreign currency reserves. Altogether, that is some US$ 500 billion in reserves (US$ 455.5 billion according to AsiaNews).
Foreigners hold 44 per cent of US$ two trillion short-term US debt; that is US$ 880 billion. Total domestic savings in the United States are only around US$ 600 billion annually. If the United States needs to sell US$ 3.5 trillion (or US$ 3.6 trillion) in Treasury bills, and all domestic savings combined are put into US Treasury debt, the United States will still fall short by nearly US$ 3 trillion. Where is the rest of the money going to come from?”
Kenny Solomon commented:
Hi:
I put up my own little missive regarding this subject on my page at RedState. Click on my name above if you’d care to read it.
Jim:
God Bless You for being on the wall at the forefront with GP.
Cheers !
Kenny Solomon
DC Works For Us
A South Florida-based patriots organization.
olm commented:
A local radio gal was interviewing our Repub rep today and he was quoting these figures.
I am no financial whiz but it seems to me that we are dead busted broke.
Listening to Barack or the Dem idiots talk about how much we are going to save with this massive entitlement is unbelievable. When we are in debt how can we be talking about savings from spending more?
Andreas K. commented:
So, according to them, the deficit is actually going down for a while?
I think that’s an overly positive outlook from 2011 to 2014, because… why would it suddenly go down, even just a bit? Where’s that money going to come from?
In Europe for example, let’s take Germany here, the deficit continues to rise each year. Germany just made the 2010 budget. Almost 320 billion Euros will be used for that. That is a load of new debt of around 80 billion Euros, which will, of course, increase the deficit. Also, one third of those 320 billion goes into social “payments” by now.
Austria’s national debt is currently 70% of our GDP. By 2012 it is expected to be 75%. Yet we have some of the highest taxes in Europe (2008 had a record tax profit for the government, but it was still not enough.) VAT is 20%. Taxes on your salary reach 50% very early, last I checked it began at making 60k Euros per year.
So yeah, where’s that money going to come from?
Oh yes, from the “rich”. A.k.a. from the middle class. But by 2015, if we follow the CBO outlook, taxing the middle class won’t do it anymore. Great.
East Texas MC commented:
TOM, where are you you little weasel.
Yet more proof, not studies etc.
Can’t handle the TRUTH can you?
Obummer is gonna trash the WH/country before he leaves/is drug out.
AuntieEm commented:
Time for Obama to release the names of these so-called ‘economists from both sides of the aisles;. Bet they never exsisted.
Elizabeth Seymour commented:
Let’s start another war for Israel!
Zachriel commented:
That’s what happens when you break your economy. Remember, it was only a decade ago that the U.S. had a budget surplus and was looking towards paying down the debt, and setting aside money for long-term social security. Procyclical policies during the Bush Administration led the U.S. into crisis.
The U.S. economy is still strong enough to pull itself out of trouble. Deficits will be necessary over the short term to stimulate growth. That will have to be followed with tax increases and spending cuts—assuming the American people have the policial will to make those decisions.
aprilnovember811 commented:
This probably won’t make you feel any better about it.
http://www.westernjournalism.com/?page_id=5333
Is Obama Stupid and Lazy?
Obama may not be as intelligent as his supporters assure us.
By Steve Baldwin, a Western Journalism Exclusive
Dave Johnson commented:
I think you made a math mistake. The 2009 budget deficit (Bush’s last budget year) was $1.4 trillion. Fiscal 2009 ended in September. $1.5 trillion is not “more than 3 times” 1.4 trillion.
Dave Johnson commented:
PS – See Cato Institute on whose budget deficit the 2009 budget is: http://www.cato-at-liberty.org/2009/11/19/dont-blame-obama-for-bushs-2009-deficit/