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Obama's $3.8 trillion budget heading to Congress
President Barack Obama's proposed budget predicts the national deficit will crest at a record-breaking almost $1.6 trillion in the current fiscal year,That's 11% of GDP. In one year. Income $2.2T, expenses $3.8T. Result national misery. /Barack Macawber then start to recede in 2011 to just below $1.3 trillion. That's just 9% of GDP. No biggie. Still, the administration's new budget to be released Monday says deficits over the next decade will average 4.5 percent of the size of the economy, Riiight. Average deficit of 10% GDP in the first 2 years and then magically cut that in less than half? Where's the spending reduction plan? Where's the economic growth plan? a level that economists say is dangerously high if not addressed. No comment. Too disgusted. Posted by: ed 2010-02-01 |
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