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View Full Version : Obama Lite: the NINE TRILLION dollar man...yup, the deficit is bigger than expected


memyselfI
08-21-2009, 03:32 PM
Who didn't see this coming a mile away? It is Friday afternoon, afterall. Plus, Lite is headed to vacay...:doh!:

http://www.reuters.com/article/newsOne/idUSTRE57K4XE20090821

Obama to hike 10-year deficit to $9 trillion
Fri Aug 21, 2009 4:36pm EDT

By Jeff Mason

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

"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 official, who is familiar with the plans.

"Our budget projections are now in line with the spring and summer projections that the Congressional Budget Office put out."

The CBO said in June that deficits between 2010 and 2019 would total $9.1 trillion. The official said the 2010-2019 cumulative deficit projection replaces the administration's previous estimate of $7.108 trillion.

The record-breaking deficits have raised concerns about U.S. ability to finance that debt and whether the United States can maintain its top-tier AAA credit rating.

The United States relies on large foreign buyers such as China and Japan to cheaply finance its debt, and they may demand higher interest rates if they begin to doubt that the government can control its deficits

The White House budget office is also expected to lower its deficit forecast next week for the current fiscal year to $1.58 trillion from $1.84 trillion after removing $250 billion set aside for bank bailouts.

(Editing by John O'Callaghan)

Donger
08-21-2009, 03:36 PM
JFC, so we are looking at a $20 trillion debt by 2020?

ChiTown
08-21-2009, 03:38 PM
JFC, so we are looking at a $20 trillion debt by 2020?

It's all the fault of GWB and the Hawks that occupied the WH for 8 yrs. Obama is just cleaning up their mess...................

HonestChieffan
08-21-2009, 03:40 PM
Wonder how he will put this off on somebody else?

pikesome
08-21-2009, 03:45 PM
26% off on the "estimate". Twenty Six Percent!

Taco John
08-21-2009, 03:50 PM
It's all the fault of GWB and the Hawks that occupied the WH for 8 yrs. Obama is just cleaning up their mess...................



They sure did their damage.

petegz28
08-21-2009, 03:52 PM
this is why they wanted to get health care passed before announcing these numbers...

petegz28
08-21-2009, 03:52 PM
26% off on the "estimate". Twenty Six Percent!

what's an extra trillion $ or two??? ROFL

memyselfI
08-21-2009, 04:01 PM
They sure did their damage.

When you are in stuck a hole you don't keep digging...

pikesome
08-21-2009, 04:03 PM
what's an extra trillion $ or two??? ROFL

Does this mean that we should just add 26% to the "forecasted" cost of all this?
And decrease the cost savings by 26%. 26% is a pretty big deviation.

And I don't want to hear any crap about "well things were worse than anyone thought". The same will be true about the Health Care plan too. Especially if the same people are forecasting it.

This also seems to make the CBO's warnings about the increase in actual cost of this HC plan a bit more trustworthy.


In the legislation that has been reported, we do not see the sort of fundamental changes that would be necessary to reduce the trajectory of federal health spending by a significant amount and, on the contrary, the legislation significantly expands the federal responsibility for health care costs

petegz28
08-21-2009, 04:07 PM
Does this mean that we should just add 26% to the "forecasted" cost of all this?
And decrease the cost savings by 26%. 26% is a pretty big deviation.

And I don't want to hear any crap about "well things were worse than anyone thought". The same will be true about the Health Care plan too. Especially if the same people are forecasting it.

This also seems to make the CBO's warnings about the increase in actual cost of this HC plan a bit more trustworthy.

hello, I was agreeing with you...you are missing the sarcasm

pikesome
08-21-2009, 04:11 PM
hello, I was agreeing with you...you are missing the sarcasm

Wasn't saying you're wrong, just taking the rant farther.

Spent time reading about SS, Medicare and post WWII England over the last week or two and I'm getting more and more worried. Besides I'm also pretty sure this plan is going to kill my family's income. I see nurse salaries being the first things to go.

RINGLEADER
08-21-2009, 04:13 PM
26% off on the "estimate". Twenty Six Percent!

This just in -- Obama insures the American people that his plan for tackling his decifit will be completely paid for and totally revenue neutral...

Donger
08-21-2009, 04:18 PM
As usual, thinking about these numbers and this debt makes me feel physically ill.

Stop spending what we don't f*cking have, you f*cking idiots! We spend ~$400 billion/year on the interest payments ALONE.

Donger
08-21-2009, 04:30 PM
"Such deficits have always prompted Congress and the White House to take politically painful steps to curb them, such as former President Bill Clinton's tax-heavy 1993 deficit reduction plan. A companion effort by Obama could force him to break his promise to not raise taxes on individuals making more $200,000 a year or more."

"I don't want to raise your taxes, but I must."

RNR
08-21-2009, 04:38 PM
Where are his fans? Why are they not helping me understand why none of this is his fault.

Saul Good
08-21-2009, 09:23 PM
When you are in stuck a hole you don't keep digging...

Remember when you were little and your parents would tell you that you could dig your way to China? I think Obama has finally succeeded.

BucEyedPea
08-22-2009, 09:18 AM
The Obammunists should be happy because that's $9 trillion more in resources that will be allocated by government, and not private individuals.
That's what he promised more socialism,less freedom and less prosperity.

HonestChieffan
08-22-2009, 09:31 AM
The Obammunists should be happy because that's $9 trillion more in resources that will be allocated by government, and not private individuals.
That's what he promised more socialism,less freedom and less prosperity.

Link? Proof? Facts? Data?

Just getting here before Jiz

BucEyedPea
08-22-2009, 12:03 PM
Remember when you were little and your parents would tell you that you could dig your way to China? I think Obama has finally succeeded.

My parents never told me that. But my playmates told me that. Now I know where they got it: from their parents.

mlyonsd
08-22-2009, 12:22 PM
No worries. We'll get those greedy rich people to pay for it.

WilliamTheIrish
08-22-2009, 12:36 PM
Those emails must have been gold laced.