Patterico's Pontifications

3/5/2010

The Trillion Dollar (a Year) President

Filed under: Economics,Obama — DRJ @ 3:25 pm

[Guest post by DRJ]

The Congressional Budget Office reports President Obama’s proposed budget will result in almost $1 trillion a year in deficits for the next 10 years:

“The Congressional Budget Office (CBO) said President Barack Obama’s budget would lead to annual deficits averaging nearly $1 trillion for the next decade.

The estimates are for larger deficits than the budget shortfalls expected by the White House.

Annual deficits under Obama’s budget plan would be about $976 billion from 2011 through 2020, according to a CBO analysis of Obama’s plan released Friday.”

The difference in the White House’s projections and the CBO is on the revenue side:

“The independent CBO and Obama expect a similar amount of government spending over the next 10 years — about $45 trillion. But the CBO expects Obama’s policies to bring in $35.5 trillion in tax receipts, less than the $37.3 trillion expected by the White House.

CBO expects fewer tax revenues largely because it expects less economic growth than the White House over the next decade.”

Uncertain times don’t produce job growth or more revenue.

— DRJ

12 Responses to “The Trillion Dollar (a Year) President”

  1. even expecting $35.5 trillion means they are smoking crack…. as long as the First Doofus is in the White House, the only direction the economy is going is down.

    redc1c4 (fb8750)

  2. Giving Democrats control of government is like giving teen boys the keys to the Corvette and a quart of whiskey, to paraphrase P.J.

    SPQR (26be8b)

  3. Given the enormity of the numbers, I expect the WH will claim it’s just a rounding error.

    Shipwreckedcrew (fe3b5b)

  4. Given the enormity of the numbers, I expect the WH will claim it’s just a rounding error.

    naw…. math is hard: they’ll just say not supporting them is “racist”….i just feel sorry for their chicken.

    redc1c4 (fb8750)

  5. Our deficit is becoming a Fibonacci series

    Some chump (050674)

  6. Just thank your lucky stars that the spendthrift GWB and his Congressional lackies directed by Abramoff aren’t there to spend us into insolvency…
    Oh yeh, that’s right, W’s worst deficit was one year at 476-Billion Dollars (+/-).

    AD - RtR/OS! (abf357)

  7. And you thought BUSH was fiscally irresponsible?

    “PFAUGH!! Bush was a two bit chiseling -piker-!!
    Now THIS — THIS — is how you overspend !!!”

    – B. H. Obama –

    IgotBupkis (79d71d)

  8. Obama has decided it’s high time to update the Dirksen, and he’s just the PotUS to do it.

    IgotBupkis (79d71d)

  9. Wait a minute, the Obama Administration only forecasts a $7.7 trillion cumulative deficit over 10 years instead of the CBO’s $9.5 trillion? Score one for fiscal responsibility, I guess.

    JVW (fd30ab)

  10. Obarcky’s best year is twice as bad as Bush’s worst year.

    JD (8a0398)

  11. Comment by JD — 3/5/2010 @ 9:20 pm

    We have a wonderful future to look forward to.

    AD - RtR/OS! (abf357)

  12. “Wait a minute, the Obama Administration only forecasts a $7.7 trillion cumulative deficit over 10 years instead of the CBO’s $9.5 trillion?”

    JVW – Maybe Obama was only including seven years of deficits, you know, like the hide the costs salami game he plays with health care reform, in the 10 year figure.

    daleyrocks (5710d7)


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