Budget Deficit Keeps Climbing
It’s been said before that the administration used extremely optimistic projections when selling its budget to Congress and the American people. The liberal Democrats forced us to swallow the $3.4 trillion budget while being told we must endure a $1.7 trillion deficit to save the economy. And I say the Democrats because not one Republican voted for the monstrous spending bill.
Now, less than a month after its passage, the White House is telling us things are more bleak than they predicted. They’re adjusting their numbers because their stimulus plan isn’t working as well as they’d hoped. They’ve injected huge piles of cash into the economy, but the layoffs keep coming. Unemployment has risen to 8.9% this month–a level the White House didn’t expect until at least the end of summer. The fact is, things are getting worse instead of better.
Here’s our first $1.8 trillion deficit folks, about 4 times larger than last year’s–with promises of more to come for the next 4 years!
Budget deficit to top $1.8 trillion
By ANDREW TAYLOR, Associated Press Writer
WASHINGTON – With the economy performing worse than hoped, revised White House figures point to deepening budget deficits, with the government borrowing almost 50 cents for every dollar it spends this year.
The deficit for the current budget year will rise by $89 billion to above $1.8 trillion — about four times the record set just last year. The unprecedented red ink flows from the deep recession, the Wall St. bailout, the cost of President Barack Obama’s economic stimulus bill, as well as a structural imbalance between what the government spends and what it takes in.
As the economy performs worse than expected, the deficit for the 2010 budget year beginning in October will worsen by $87 billion to $1.3 trillion, the White House says. The deterioration reflects lower tax revenues and higher costs for bank failures, unemployment benefits and food stamps.
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