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Posted: 3/9/2010 11:07:23 AM EDT
http://money.cnn.com/2010/03/05/news/economy/cbo_obama_budget/
NEW YORK (CNNMoney.com) –– If President Obama's 2011 budget were put
into effect as proposed, the U.S. federal government would add an
estimated $9.8 trillion to the country's accrued debt over the next
decade, according to a preliminary analysis from the Congressional
Budget Office.

Of that amount, an estimated $5.6 trillion will be in interest alone.





By
2020, the agency estimates debt held by the public would reach $20.3
trillion, or 90% of GDP. That's up from 53% of GDP in 2009.





Research
done by economists Kenneth Rogoff and Carmen Reinhart has shown that
such high levels of debt can cause a drag on economic growth.





The CBO cited two big contributors to the jump in debt.





One
is the president's proposal to extend the 2001 and 2003 tax cuts for
the majority of Americans. The other is the proposal to protect middle-
and upper-middle-income families from having to pay the Alternative
Minimum Tax (AMT).





Together those proposals would cost $3 trillion between 2011 and 2020.





"It
points out the unwillingness of the administration to raise the
revenues to pay for the size of government being proposed," said Robert
Bixby, executive director of the Concord Coalition, a deficit watchdog
group.





If Congress doesn't act, all of the Bush tax cuts are
slated to expire at the end of this year and there will be no
protection from the AMT.





But current law is not politically
realistic, many say. That's why the administration prefers to compare
the cost of its proposals to what lawmakers are likely to do –– namely,
extend tax cuts and fix the AMT.





Hence, the White House Budget
Office estimates that under the president's proposals, $8.5 trillion
would be added to the country's accrued debt over the next decade, or
$1.3 trillion less than the CBO estimate.





Either scenario is unsustainable, Bixby said.





The administration has also called the budget trajectory unsustainable and the president has created a fiscal advisory commission to recommend ways lawmakers can get annual deficits down to 3% of GDP by 2015.





That's
well below where it would be under the president's budget, according to
estimates from both the CBO and the White House. And while his
proposals would chip away at deficits in the next few years, they start
to climb again thereafter. By 2020, the annual deficit as a percentage
of GDP will be 5.6%, according to the CBO. The White House estimates it
will be 4.2%.




But there is no guarantee the fiscal commission's recommendations will be adopted by lawmakers.

The
CBO notes that its estimates incorporate the Administration's revenue
and spending assumptions for policies such as health reform and climate
change, because the agency didn't have sufficient details from the
White House about those policies to do its own analysis.





A full analysis of the president's budget will be published later in the month, the CBO said.






 
Link Posted: 3/9/2010 11:09:37 AM EDT
Elections have consequences.
Link Posted: 3/9/2010 11:25:17 AM EDT



Originally Posted By Partisan:


Elections have consequences.


And evidently, collateral damage....
 
Link Posted: 3/9/2010 11:32:38 AM EDT
Oh yeah, right, it was the fucking TAX CUTS that would cause 10 FUCKING TRILLION DOLLARS IN DEBT.

Tell me another one, you fascist cock jugging gutter skanks.
Link Posted: 3/9/2010 12:05:21 PM EDT
We are not in deep enough debt yet. That's why we need to pass Obamacare.
Link Posted: 3/9/2010 12:09:35 PM EDT
I am not surprised.

Elections have consequences.

What will happen after he leaves office is what is important now.
Link Posted: 3/9/2010 12:10:06 PM EDT
Originally Posted By PlaymoreMinds:

Originally Posted By Partisan:
Elections have consequences.

And evidently, collateral damage....


 


Hey, it's just money. They can always print more.

The important thing is we need socialized healthcare, so that everyone gets equal care, and everyone's right to care is met.

And they need to move now on the super train, but it must be green/carbon neutral, so it must be powered by wind, soloar, or geothermal (nukes are carbon neutral but otherwise evil so not an option).
Link Posted: 3/9/2010 12:11:48 PM EDT
Obviously, the solution is to give free citizenship to 20 million uneducated, unskilled, illiterate illegal aliens. Yeah, that should patch things up.

Link Posted: 3/9/2010 12:12:58 PM EDT
[Last Edit: 3/9/2010 12:13:28 PM EDT by hoodonit00]
Double tap.
Link Posted: 3/9/2010 12:13:03 PM EDT
Yea but we know how biased Fox news is. Oh wait.
Link Posted: 3/9/2010 12:21:19 PM EDT
Obama is single handedly destroy our economic future.
Link Posted: 3/9/2010 12:24:23 PM EDT
I remember a time when people were upset about how much money was being spent in Washington.  Everything today makes prior spending look like such a non-issue.
Link Posted: 3/9/2010 12:35:08 PM EDT
Originally Posted By AR-180:
I remember a time when people were upset about how much money was being spent in Washington.  Everything today makes prior spending look like such a non-issue.


Medicare D alone was originally estimated at $6T and it's gone up since then. Nothing changes, nothing has changed just because we like the current consumer in chief less.

We've been compounding idiocy for decades now, going full retard was just a matter of time.

Link Posted: 3/9/2010 12:45:24 PM EDT
Originally Posted By K2QB3:
Originally Posted By AR-180:
I remember a time when people were upset about how much money was being spent in Washington.  Everything today makes prior spending look like such a non-issue.


Medicare D alone was originally estimated at $6T and it's gone up since then. Nothing changes, nothing has changed just because we like the current consumer in chief less.

We've been compounding idiocy for decades now, going full retard was just a matter of time.



My statement was made in an effort to be vague about timing or administration.  However, it is true for basically every administration.  If you believe it is true, it shows you how far down the road we already are and how much BS the electorate will take.  

Link Posted: 3/9/2010 4:42:59 PM EDT



Originally Posted By pyro6988:


Obama is single handedly destroy our economic future.


I believe he has some help...








 
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