Friday afternoon bad news: Obama to raise 10-year deficit to $9 trillion

090821-o-logo-debtObama to raise 10-year deficit to $9 trillion

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 CBO was right after all,

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.

And then,

Treasury markets have been worried all year about the mounting deficit. The United States relies on large foreign buyers such as China and Japan to cheaply finance its debt, and they may demand higher interest rates if they begin to doubt that the government can control its deficits.

Right before dumping the bad news, it was time to head out of town.

And

And but me no buts about how he inherited part of this mess from President Bush. He’s the President now, the decider. If he wanted, he could put the brakes on TARP (which is run out of the Treasury Department), which is the only recent Bush spending program he’s dealing with. All the rest — Cash for Clunkers, the GM and Chrysler bailouts, the bank bailouts, the Stimulus Bill, the Omnibus Spending Bill, and Obamacare (assuming it passes) — belong to him. He signed and/or authorized them. They’re his babies.

(Thanks to Nice Deb for the graphic)

Tags: , , ,

6 Responses to “Friday afternoon bad news: Obama to raise 10-year deficit to $9 trillion”

  1. Obama Stars in New Movie: For a Billion Dollars More Says:

    […] UPDATE: Linked by the incomparable Fausta. […]

  2. ignorantapathy Says:

    Obama raises the projected deficit as he goes on vacation. Looks like Michelle is going to be doing some shopping.

  3. John Says:

    Two quotes…

    “A billion here, a billion there, and pretty soon you’re talking about real money”.

    “We are becoming so accustomed to millions and billions that “thousands” has almost passed out of the dictionary.”

    By Everett Dirksen, late US Senator from Illinois

  4. Fun With Numbers, Semper Fi and Trog Gets a Nod « Obi’s Sister Says:

    […] Fausta notes that as soon Obama raised his stimulus projection, he vamoosed out of town for the Vineyard. Enjoy the hurricane, bro. Her number – 9 trillion. […]

  5. boxer Says:

    Yeah yeah yeah (and that’s with panting excitement-not a yeah yeah yeah what eva) do it it’s not much money unless you think the U.S. is about to fail????

  6. The Buzz » Blog Archive » Fausta’s Blog » Blog Archive » Friday Afternoon Bad News: Obama To … Says:

    […] 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 CBO was right after all, …Continue […]