During the campaign, Barak Obama vowed to cut the deficit in half by the end of his first term. The budget he presented to Congress purported to do that, based on the administrations economic projections.
Today, the non-partisan (whatever) Congressional Budget Office released their analysis. Here's the quote from the Breitbart article:
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WASHINGTON (AP) - President Barack Obama's budget would generate deficits averaging almost $1 trillion a year over the next decade, according to the latest congressional estimates, significantly worse than predicted by the White House just last month.
The Congressional Budget Office figures, obtained by The Associated Press Friday, predict Obama's budget will produce $9.3 trillion worth of red ink over 2010-2019. That's $2.3 trillion worse than the White House predicted in its budget.
Worst of all, CBO says the deficit under Obama's policies would never go below 4 percent of the size of the economy, figures that economists agree are unsustainable. By the end of the decade, the deficit would exceed 5 percent of gross domestic product, a dangerously high level.
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Please let your non-representative representatives know that we don't want the runaway inflation, spiraling interest rates, declining dollar, and crushing taxes the proposed budget will bring. Regardless of your stand on the "goodies" in the President's plans, we simply cannot afford them.
Friday, March 20, 2009
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Good article........ somehow everyone needs to learn what this means. How can an thinking people even think of proposing such a devastating mess?
ReplyDeleteOops! I meant to say "How can ANY thinking people even consider proposing such a devastating mess?? Whatever their political leanings, they should have at least a "little" common sense. None has been demonstrated so far.
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