$9 Trillion? Pfft, That's Nothing
"Squid and Owl" by John Holbo
Just think, in a few months we'll look back at this and laugh. $9 trillion? Ha, you'll have to do better than that to get a reaction out of us! Or have we all forgotten March? Seems like just yesterday!
The Obama administration will raise its 10-year budget deficit projection to approximately $9 trillion from $7.108 trillion in a report next week, a senior administration official told Reuters on Friday.
The higher deficit figure, based on updated economic data, brings the White House budget office into line with outside estimates and gives further fuel to President Barack Obama's opponents, who say his spending plans are too expensive in light of budget shortfalls.
The White House took heat for sticking with its $7.108 trillion forecast earlier this year after the Congressional Budget Office forecast that deficits between 2010 and 2019 would total $9.1 trillion.
"The new forecasts are based on new data that reflect how severe the economic downturn was in the late fall of last year and the winter of this year," said the administration official, who is familiar with the budget mid-session review that is slated to be released next week.
"Our budget projections are now in line with the spring and summer projections that the Congressional Budget Office put out."
Truth in Accounting, anyone?