| CBO says 2013 deficit of $977B | |
|---|---|
| Tweet Topic Started: Mar 16 2012, 10:17 AM (160 Views) | |
| Kerri P. | Mar 16 2012, 10:17 AM Post #1 |
|
http://www.wral.com/business/story/10865230/ CBO: Obama budget produces 2013 deficit of $977B Posted: 11 minutes ago WASHINGTON — A new analysis of President Barack Obama's budget for next year says the deficit scenario next year isn't as rosy as the administration painted it. The Congressional Budget Office says tax revenues for the 2013 budget year were over-estimated and thus was the projected $901 billion deficit. It says the figure is $977 billion. For the current 2012 budget year, CBO says Obama's policies would generate a $1.25 trillion deficit. That's actually $74 billion better than the White House forecast. The differences aren't unusual and generally are caused by CBO's less optimistic view of the economy over the next couple of years. The White House forecasts higher income and corporate profits. Overall, CBO says Obama's budget would generate somewhat lower deficits over the coming decade than the White House predicts. |
![]() |
|
| Baldo | Mar 16 2012, 11:31 AM Post #2 |
|
Down Down Down in a Burning Ring of Debt CBO: Obama budget deepens debt by $3.5 trillion President Obama's budget would pile up an additional $3.5 trillion in debt over the next 10 years and shows the government's trust funds running out of money in 2020, Congress's official non-partisan scorekeeper said Friday. In 2012 alone Mr. Obama's budget would leave a $1.3 trillion deficit - $82 billion worse than if none of his policies were enacted. Over the next ten years the deficit would dip to less than a half-trillion dollars in 2017, but would rise again in the later years. By 2022, a decade from now, the federal government would spend $5.6 trillion and take in $4.9 trillion in revenue - both figures far outstripping today’s levels. CBO's analysis also shows the government's combined trust funds, including the Social Security trust funds and the cash flow of the Postal Service, will begin running deficits in 2020....snipped http://p.washingtontimes.com/news/2012/mar/16/cbo-obama-budget-deepens-debt-35-trillion/ Can we afford four more years of this? Heck we can't afford the last three years This man is burying the USA under unbelievable amounts of Debt! Frankly each person better start realizing exactly what is happening and how it applies to themselves. We are going through a cycle of almost no interest on our savings & our dollar buys less and Uncle Ben keeps saying inflation is under control. When is the last time he bought his own gas & paid for his own groceries? We are getting the worst of both worlds. Inflation of our costs & deflation of our assets. Pretty cool trick, if you you don't count the dead bodies. Edited by Baldo, Mar 16 2012, 11:32 AM.
|
![]() |
|
| 1 user reading this topic (1 Guest and 0 Anonymous) | |
| « Previous Topic · LIESTOPPERS UNDERGROUND · Next Topic » |






7:49 PM Jul 10