Reuters has more:
The White House on Monday pushed up its forecast for the U.S. budget deficit for this year by $89 billion, reflecting the recession, a raft of new unemployment claims and corporate bailouts.
A fresh estimate of the deficit showed it coming in at $1.84 trillion -- representing a massive 12.9 percent of gross domestic product -- in the current 2009 fiscal year that ends on September 30. A prior White House forecast released in February projected a deficit of $1.75 trillion, or 12.3 percent of GDP.
The report may add to the political challenges facing President Barack Obama as he seeks to push through a new healthcare plan and other big domestic initiatives.
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2 comments:
What a surprise! Seems that a good speech can't alter reality.
Obama is in the process of teaching the nation exactly the same thing that Jimmy Carter taught back in the late 70's. Inflation, deficit spending and unemployment are dependent on keeping government out of the business of borrowing. Government competes with business for funding which only drives the cost of doing business (interest rates) up.
Conservatives should take heart though. Obama's lessons provide help in the coming conservative resurgence. For a list of the top ten reasons for conservative optimism, you can hit:
http://firstconservative.com/blog/top-ten/conservative-resurgence
"The already high federal deficit will continue to climb, the Obama administration revealed this morning."
Wow, brilliance!
How much number crunching did it take for them to figure that out?
(Our tax $$$$ at work.)
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