Saturday, March 06, 2010

bo's deficits

$10 trillion in deficit! That would be the equivalent of $ 1 trillion in deficits in Canada. Both are inconceivable, but bo has brought it about. Foreign debt is set to skyrocket and the interest payments on this monstrosity could be $900 billion a year.

A new congressional report released Friday says the United States' long-term fiscal woes are even worse than predicted by President Barack Obama's grim budget submission last month.The nonpartisan Congressional Budget Office predicts that Obama's budget plans would generate deficits over the upcoming decade that would total $9.8 trillion. That's $1.2 trillion more than predicted by the administration.

The agency says its future-year predictions of tax revenues are more pessimistic than the administration's. That's because CBO projects slightly slower economic growth than the White House.

The deficit picture has turned alarmingly worse since the recession that started at the end of 2007, never dipping below 4 percent of the size of the economy over the next decade. Economists say that deficits of that size are unsustainable and could put upward pressure on interest rates, crowd out private investment in the economy and ultimately erode the nation's standard of living.

1 comment:

Jen said...

"follow OBAMA or why can't we be like OBAMA" we regularly hear from the opposition parties and their media.
Really? then why are they complaining over a mere 54billion deficit.
Oh! I get it, they want the conservative government of canada to spend in the trillions. Remember, Obama is the opposition parties and their media, earthly god who can do no wrongs.

Thanks to the more democratic media like FOXMEDIA, for keeping the americans as well as canadians well informed.

I Support Lord Black