White House Adds $2 Trillion to Deficit Forecasts

[thundley4]

The nation would be forced to borrow more than $9 trillion over the next decade under President Obama's policies, the White House acknowledged late Friday, bringing their long-term budget forecast in line with independent estimates.

The new projections add approximately $2 trillion to budget deficits through 2019. Earlier this year, the administration had predicted that Obama's policies would require the government to spend $7.108 trillion more than it collects in tax revenue over the next decade.

An administration official, speaking on the condition of anonymity because the report will not be formally released until Tuesday, said the change is due primarily to updated projections of economic growth that are far less rosy than data used when the White House released its first long-term budget outlook in February. At that time, the White House predicted the economy would shrink by 1.2 percent this year; in fact, the economy shrank at an annualized rate of 6.4 percent in the first quarter, the sharpest drop since 1980.

WaPo

Will this get any coverage on Tuesday?  Things are going to get much worse, before they get better.

[Chris]

I don't know what to say.  This is just f'cked up.

[Tess Anderson]

These numbers are astronomical, boggles the mind. Those WH "predictions" are so far off the mark, they're worthless. now watch O try to justify this "unexpected debt that he inheirited from the Bush Administration" to show a pressing need for a rise in the income tax rates to the 58% that actually pay in.

[Chump]

I don't know what to say.  This is just f'cked up.

Even worse, these predictions are based on measurable growth in the 2%-2.5% range occurring next year, Q1, as the economy recovers.  If that doesn't happen, well, you get the idea.  Couple that with falling tax revenues...

These numbers are astronomical, boggles the mind. Those WH "predictions" are so far off the mark, they're worthless. now watch O try to justify this "unexpected debt that he inheirited from the Bush Administration" to show a pressing need for a rise in the income tax rates to the 58% that actually pay in.

True story: if you stack 100 dollar bills sideways along the road, you can drive past them at 60 miles per hour, for an hour, and still be short of the trillion dollar mark.

These numbers are barely astronomical.  It's more like they don't really exist.  And yet, trillion is the new billion.  Welcome to The Obamanation.

[RightCoast]

Guys, just calm down, don't forget this is Bush's deficit.

[Chump]

Guys, just calm down, don't forget this is Bush's deficit.

Yep, and even though libs own the Senate, House, and White House, they're still powerless to stop him.

GO ROVE!!!!111!one!