The White House says its 10-year budget deficit projection will jump from $7.1 trillion to roughly $9 trillion, putting it in line with a previous CBO estimate.
Other figures in the reports could differ because the CBO bases its projections on an assumption that current policies will continue unchanged -- for example, that tax cuts enacted in 2001 and 2003 expire as scheduled in the next few years.The White House budget assumes that Obama's goals, such as keeping some of those tax cuts in place, will become law.
Obama has promised to halve the deficit by the end of his four-year term, a task that will be made easier when tax revenues increase along with a recovering economy.One-time recession-battling efforts, like the $787 billion stimulus bill passed in February and the bank rescue package, presumably will not be needed in coming years.
But the government's rock-bottom borrowing costs could go up as well when the economy improves and investors demand a higher rate of return. The government's retirement and healthcare expenses also are expected to explode over the coming decade as millions of Baby Boomers retire.
Its not like we didn't know his numbers were delusional and he and Orszag have been fuul of it since day one.
I think his approval ratings have gone down because he promised us change, and all we got is change...(coins-leftovers). Terrible!!! Now, that’s all we are left with..some pocket change.
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