U.S. Budget Deficit To Hit $1.3 Trillion In 2010

user818_pic1982_1245114440This is really out of control … how do you ever recover from that kind of deficit? Hard times are ahead in the U.S., the only question being how long can the government postpone the inevitable. This report at Marketwatch:

The U.S. budget deficit will hit $1.3 trillion in 2010, congressional budget analysts estimated Tuesday, in a fresh piece of grim news for President Barack Obama.

The estimate from the Congressional Budget Office assumes current laws and policies remain unchanged.

Economic growth will also probably be “muted” for the next few years, the CBO said in its budget outlook for 2010.

The CBO’s estimates come about a week before Obama transmits his fiscal 2011 budget to Congress, on Feb. 1. Obama is under mounting pressure to cut the deficit but also to create jobs, in the wake of last week’s victory in a special Senate election in Massachusetts by Republican Scott Brown.

In his first State of the Union address on Wednesday night, Obama is expected to call for a three-year freeze in spending for a portion of the federal budget in a first step toward reining in the deficit.

The federal government recorded a staggering deficit of $1.4 trillion in fiscal 2009 — more than three times as much as in 2008.

The government has reported a consistent flow of red ink in the past several months. In December, the federal government ran a budget deficit of $91.8 billion, marking the 15th consecutive month in which outlays exceeded receipts…

, ,

  • Anarchon414

    Goodnight USA and welcome to the new superpowers, China and the EU.

  • 5by5

    That’s just the yearly budget deficit. The National Debt overall, including all the “off-budget” financing of the Iraq War done by the Bush Enronomics Dept comes to a whopping $10 trillion dollars.

    All part of the Neocon plan to drown the U.S. in debt, just like Grover Norquist told them to do. That way, when we actually NEED government help to rebuild infrastructure, or fund job creation, we won’t have any money to work with and we’ll all be slaves to the giant multinational conglomerates run by….? Neocons.

    How you characterize someone weakening this country to that extent as anything OTHER than treason, I just don’t know.

  • 5by5

    That's just the yearly budget deficit. The National Debt overall, including all the “off-budget” financing of the Iraq War done by the Bush Enronomics Dept comes to a whopping $10 trillion dollars.

    All part of the Neocon plan to drown the U.S. in debt, just like Grover Norquist told them to do. That way, when we actually NEED government help to rebuild infrastructure, or fund job creation, we won't have any money to work with and we'll all be slaves to the giant multinational conglomerates run by….? Neocons.

    How you characterize someone weakening this country to that extent as anything OTHER than treason, I just don't know.

21
More in Deficit, Economy
Ron Paul: The Economy Is Floundering Despite The Stimulus

By Ron Paul, Special to CNN: A year after a nearly $800 billion stimulus package was passed, the U.S. economy still finds itself mired in mediocrity. Economic growth is stagnant,...

Close