Saturday, August 22, 2009
Obama's $ 9 Trillion Dollar Deficit
Dear Leader His Excellency Barack Hussein Obama, Junior underestimated the deficit by a mere $ 2 Trillion dollars. The NY Times:
The Obama administration expects the federal deficit over the next decade to be $2 trillion bigger than previously estimated, White House officials said Friday, a setback for a president already facing a Congress and public wary over spending.
The new projection, to be announced on Tuesday, is for a cumulative 2010-2019 deficit of $9 trillion instead of the $7 trillion previously estimated. The new figure reflects slumping revenues from a worse economic picture than was expected earlier this year. The officials spoke only on the condition of anonymity ahead of next week's announcement.
In its earlier projections, the White House said the deficit would be manageable if it slides to 3 percent of gross domestic product. Earlier projections barely met that standard -- even after relying on optimistic assumptions like the wars in Iraq and Afghanistan costing $50 billion a year instead of the $130 billion budgeted for 2010.
Now, the deficits could easily exceed 4 percent of GDP, even after cost-cutting efforts or new revenues claimed in Obama's budget.
$ 9 Trillion dollars. Eh...but who's counting, right?
Hey...umm....where are all those Fiscally Responsible Pbama Cultists? Fiscal Liberals ?! Talk about oxymorons.
They sure are keeping quiet on this story, huh? Not a peep. None.
Of course, they never protested much over the spending done by W. Bush and the Republicans either, did they? Oh...wait...
You'll notice the timing of the release of Obama's Bloated Deficit story was late Friday afternoon, the usual standard time for the government to dump bad news, prior to the weekend, when it is less likely to receive coverage.
Obviously, let's put Obama in the second category.
DIAF Gus, DIAF.
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