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.
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.