On a Friday afternoon before the President heads out to Martha’s Vineyard for a week-long vacation, White House officials at the Office of Management released new 10-year budget projection of $9 trillion up from the previous $7 trillion mark.
A longer than usual recession and a decline in federal revenue sparked the dramatic increase in deficit numbers. The Obama Administration has misjudged the dollars and cents once again.
In a report from the Congressional Budget Office expected out next week, the one-year budget deficit will fall somewhere in the $1.825 trillion. Again, this doesn’t include the health care projected $1.6 trillion price tag.
The U.S. debt now stands $11.7 trillion, leading financial analysts to believe the recession will have a lingering effect on the already lagging economy. Financial gurus also note that this type of deficit is not sustainable and the only way to pay it back is through inflation.
Coming on the heals of a failed $787 billion stimulus package that 72 percent of Americans want the President to return to the taxpayers, September is shaping up for a tough fight even though Democrats hold large majorities in the House and Senate.
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