Less Than 100 Days Into Administration Budget Deficit Has Reached Worse Case Scenario

It looks like the Obama-Pelosi-Reid deficit will reach worse case scenario less than 100 days into the administration. The Congressional Budget Office originally reported a 2009 budget deficit of $1.2 trillion. It now looks like the Obama Administration will top that by several hundred billion.

Great job, Democrats. Things are worse than expected.
You’ve outdone yourselves.
Reuters reported:

The Congressional Budget Office’s projected deficit for the 2009 fiscal year ending on Sept. 30 would amount to 13.1 percent of expected gross domestic product — a level not seen since World War Two. In January, the budget office had forecast a $1.2 trillion deficit for fiscal 2009.

The CBO also forecast a deeper economic downturn this year, projecting a contraction of 3 percent in 2009 before the economy begins to recover in next year.

The budget experts at CBO forecast the deficit would ease to almost $1.4 trillion in fiscal 2010 — or 9.6 percent of forecast GDP.

In January, CBO had forecast the economy to shrink 2.2 percent this year before growing 1.5 percent in 2010 and 4.2 percent in 2011.



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