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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Jim Hoft is the founder and editor of The Gateway Pundit, one of the top conservative news outlets in America. Jim was awarded the Reed Irvine Accuracy in Media Award in 2013 and is the proud recipient of the Breitbart Award for Excellence in Online Journalism from the Americans for Prosperity Foundation in May 2016. In 2023, The Gateway Pundit received the Most Trusted Print Media Award at the American Liberty Awards.

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