Holy Freakin' Crap
From The Washington Post:
"The nation would be forced to borrow more than $9 trillion to support President Obama's initiatives and other federal programs over the next decade, the White House said Tuesday, a sharp increase in projected deficits that provided fresh ammunition to critics of the president's sweeping proposal to expand health coverage to the uninsured.
"In their traditional summertime budget review, administration officials acknowledged that they relied on overly optimistic assumptions about the economy when they forecast in March that Obama's budget plans would generate deficits of $7.1 trillion over the next 10 years. After factoring in the severity of the recession and the prospect of a more sluggish recovery, the White House concluded that the budget outlook is significantly worse.
"White House budget director Peter Orszag played down the grim forecast as unsurprising, saying the update merely brings White House projections in line with those of outside experts.
"He noted that this year's deficit is now expected to approach $1.6 trillion -- the highest on record and the biggest as a percentage of the economy since the end of World War II, but slightly smaller than officials had feared."
Completely missing: What the fuck they're going to do about it. Jesus!
Posted by khiggins at August 25, 2009 10:00 PM