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WASHINGTON – The federal government faces exploding deficits and mounting debt over the next decade, White House and congressional budget officials projected Tuesday in rival economic outlooks.

Both the White House Office of Management and Budget and the nonpartisan Congressional Budget Office predicted the budget deficit this year would swell to nearly $1.6 trillon, a record.

But while figures released by the Whit House foresee a cumulative $9 trillion deficit from 2010-2019, $2 trillion more than the administration estimated in May, congressional budget analysts put the figure at a lower $7.14 trillion.

http://news.yahoo.com/s/ap/20090825/ap_ ... ma_economy

Appaholic wrote:WASHINGTON – The federal government faces exploding deficits and mounting debt over the next decade, White House and congressional budget officials projected Tuesday in rival economic outlooks.

Both the White House Office of Management and Budget and the nonpartisan Congressional Budget Office predicted the budget deficit this year would swell to nearly $1.6 trillon, a record.

But while figures released by the Whit House foresee a cumulative $9 trillion deficit from 2010-2019, $2 trillion more than the administration estimated in May, congressional budget analysts put the figure at a lower $7.14 trillion.

http://news.yahoo.com/s/ap/20090825/ap_ ... ma_economy

It's all GWB's fault.

Blame Reagan and Bush

Appaholic wrote:WASHINGTON – The federal government faces exploding deficits and mounting debt over the next decade, White House and congressional budget officials projected Tuesday in rival economic outlooks.

Both the White House Office of Management and Budget and the nonpartisan Congressional Budget Office predicted the budget deficit this year would swell to nearly $1.6 trillon, a record.

But while figures released by the Whit House foresee a cumulative $9 trillion deficit from 2010-2019, $2 trillion more than the administration estimated in May, congressional budget analysts put the figure at a lower $7.14 trillion.

http://news.yahoo.com/s/ap/20090825/ap_ ... ma_economy

This will turn out to be incorrect as I am sure that the printing presses will fail long before we get to this number.

TheDancinMonarch wrote:

Appaholic wrote:WASHINGTON – The federal government faces exploding deficits and mounting debt over the next decade, White House and congressional budget officials projected Tuesday in rival economic outlooks.

Both the White House Office of Management and Budget and the nonpartisan Congressional Budget Office predicted the budget deficit this year would swell to nearly $1.6 trillon, a record.

But while figures released by the Whit House foresee a cumulative $9 trillion deficit from 2010-2019, $2 trillion more than the administration estimated in May, congressional budget analysts put the figure at a lower $7.14 trillion.

http://news.yahoo.com/s/ap/20090825/ap_ ... ma_economy

This will turn out to be incorrect as I am sure that the printing presses will fail long before we get to this number.

Hey, I'm just glad the federal government has the ability to tax it's way out of financial straits or this could hurt the country...

Blame FDR.

Appaholic wrote: Hey, I'm just glad the federal government has the ability to tax it's way out of financial straits or this could hurt the country...

They are going to be so far in debt that taxes won't help them. They may have to skip taxes and go directly to confiscation.

TheDancinMonarch wrote:

Appaholic wrote: Hey, I'm just glad the federal government has the ability to tax it's way out of financial straits or this could hurt the country...

They are going to be so far in debt that taxes won't help them. They may have to skip taxes and go directly to confiscation.

Great idea. Start with Exxon/Mobil, Haliburton, Dick Cheney, all the Bushies, AZ Griz, etc.

It won't go that high because the Chinese won't loan us that much money.

Blame Travis and D1B.

Wedgebuster wrote:

TheDancinMonarch wrote:
They are going to be so far in debt that taxes won't help them. They may have to skip taxes and go directly to confiscation.

Great idea. Start with Exxon/Mobil, Haliburton, Dick Cheney, all the Bushies, AZ Griz, etc.

They're already taking 50% of mine....