…for stretched definitions of "temporary".

President Barack Obama’s budget would generate deficits averaging almost $1 trillion a year over the next decade, according to the latest congressional estimates, significantly worse than predicted by the White House just last month.

The Congressional Budget Office figures, obtained by The Associated Press Friday, predict Obama’s budget will produce $9.3 trillion worth of red ink over 2010-2019. That’s $2.3 trillion worse than the White House predicted in its budget.

Worst of all, CBO says the deficit under Obama’s policies would never go below 4 percent of the size of the economy, figures that economists agree are unsustainable. By the end of the decade, the deficit would exceed 5 percent of gross domestic product, a dangerously high level.

Yeah, this is all just until we get back on our feet again.  Just something to tide us over, while we ride out the recession.

Or while we deepen it.

Related posts:

  1. How Willing Are We To Really Cut Spending
  2. For Perspective: Spending
  3. For Perspective
  4. About Those Tax Cuts…

Filed under: Economics

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