Saturday, August 22, 2009

Obama Administration Increase Ten Year Deficit Projection by Nearly Two Trillion Dollars

The Obama administration has revised their ten year deficit projections by increasing it nearly $2 trillion. This number is closer to what the CBO had projected. The problem here goes beyond the huge deficit. Going from $7.1 trillion to $9 trillion is a huge change. Especially since the CBO was almost spot on as the Obama administration now believes. Some may perceive intentional deceit. This will impact the current health care debate as well. With the administration projecting an even higher deficit then before, it is even more important to cut costs and stop spending money. While the Obama administration has said the plan would be deficit neutral the CBO, the people who were right before, project a trillion dollar deficit. Others have claimed the CBO may even be under estimating the cost by trillion dollars. This will make it even harder to sell, what appears to be an already failing pitch, an overhaul of our health care system.

"The White House next week will revise the 10-year budget deficit from $7.1 trillion to $9 trillion. Officials at the White House Office of Management and Budget (OMB) confirmed the enormous debt revision late Friday afternoon, hours after President Obama left for a 10-day vacation.


The new projections bring the White House numbers in line with estimates by the independent and non-partisan Congressional Budget Office (CBO). In June, CBO projected a 9.1 trillion deficit.

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