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Posts Tagged ‘administration’

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FedUpUSA is your one-stop source for all the latest news regarding the global financial crisis.  We are committed to bringing you the truth about what is really happening, as opposed to the fodder that is shown in the mainstream media.  We believe the root of the problem is corruption in our financial industry and in our government.  It is our goal to expose and reveal the corruption as well as to educate the public about our economic and financial systems so they can fight back.

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The site transition is now complete.

Thank you for all your patience and understanding while we once again moved FedUpUSA to another host.

Hopefully, this will be the last time for a while, and we can all get back to spreading the word!

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CBO: Obama Budget Worse Than Projected 10-Year Deficit

 

This is comforting.  According to the Congressional Budget Office, Obama’s budget will be equal to or greater than the entire projected 10-year deficit. 

From The Hill:

The Congressional Budget Office on Friday released its analysis of President Obama’s 2012 budget proposal and found it does less to rein in deficits and the debt than the administration had estimated.

CBO estimates Obama’s plan would produce 10 years of deficits totaling $9.5 trillion. By 2021, it would increase the debt held by the public to 87 percent of gross domestic product.

The administration, using different methods, estimated budget deficits would total $7.2 trillion over the next 10 years under the 2012 budget. It forecast that total debt in 2021 would be 77 percent of GDP.   

The White House also said total deficits over the next decade would by $2.2 trillion more without the recommendations included in Obama’s budget.

I’m sure that somehow this will be spun as being a positive thing.  The patients are surely running the insane asylum.

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