What is there to say, the president started with a lunatic budget not based real economic numbers, that wants to raise taxes on all. That is a reality the reality based community needs to accept. On a side note he is right about the "punishment tax" for AIG.
WASHINGTON (CNN) – Even though he was almost a member of the new Obama administration, New Hampshire Republican Judd Gregg Sunday slammed President Obama’s approach to handling the country’s fiscal outlook.
“The practical implications of this is bankruptcy for the United States,” Gregg said of the Obama’s administration’s recently released budget blueprint. “There’s no other way around it. If we maintain the proposals that are in this budget over the ten-year period that this budget covers, this country will go bankrupt. People will not buy our debt, our dollar will become devalued. It is a very severe situation.”
By the way, Gregg maybe partisan but he is not alone:
From the Washington Post:
Deteriorating economic conditions will cause the federal deficit to soar past $1.8 trillion this year and leave the nation wallowing in a sea of red ink far deeper than the White House had previously estimated, congressional budget analysts said today.In a new report that provides the first independent analysis of President Obama's budget request, the nonpartisan Congressional Budget Office predicted that the administration's agenda would generate deficits averaging nearly $1 trillion a year over the next decade -- $2.3 trillion more than the president predicted when he unveiled his spending plan just one month ago.
From The Economist:
THE Congressional Budget Office offered a bleak economic forecast in January, and a much bleaker forecast today. Republicans are "pouncing", declaring a $1.8 trillion budget deficit "generational theft". The White House is pushing back with rhetoric that should be familiar to anyone not born two months ago: CBO projections often differ from projections put together by the Office of Management and Budget. Still, the White House is worried. "Deficits in the, let's say, 5 percent of GDP range," said Peter Orzag, the director of the OMB who was hired away from the CBO, "would lead to rising debt-to-GDP ratios that would ultimately not be sustainable."
The CBO Projections:
The Full CBO Breakdown.
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