White House Forecasts $ 1.4 Trillion Deficits In 2010, 2011

No matter how you spin it, this is not good news:

The federal budget deficit, which hit a record $1.4 trillion last year, will exceed that figure this year and again in 2011, according to a White House forecast released Friday.

The $1.47 trillion budget gap predicted for 2010 represents a slight improvement over the administration’s February forecast. But the outlook for 2011 has darkened considerably, primarily due to a drop in expected tax receipts from capital gains.

I start to sound like a broken record when I say this, but it’s true, this is simply unsustainable.

FILED UNDER: Barack Obama, Economics and Business, Politicians, Quick Takes, US Politics
Doug Mataconis
About Doug Mataconis
Doug holds a B.A. in Political Science from Rutgers University and J.D. from George Mason University School of Law. He joined the staff of OTB in May 2010 and contributed a staggering 16,483 posts before his retirement in January 2020.

Comments

  1. Alex Knapp says:

    I have a solution for this problem:

    TAX CUTS!

  2. john personna says:

    “unsustainable” is a given, and not really an attack on that same budget, because it does not assume “sustainability.”

    The administrations own budgets assume curves, and improvements to revenue/debt ratios.

    The serous attack would be something like “The administration has a debt reduction plan, and I’ve read it, but don’t like X, Y and Z in it.”

    (Actually I had a hard time digging up a link, from this past April.

    Senate Budget Chairman Kent Conrad, D-N.D., Monday said he was looking forward to Tuesday’s first meeting of the president’s commission on reducing the deficit but added it will be difficult to get 14 of the 18 members to agree to a deficit reduction package to send to Congress.

    http://www.govexec.com/dailyfed/0410/042710cdam1.htm

    Maybe most people don’t care anymore?

    From this month:

    “Job creation trumps deficit reduction in U.S. poll”

    http://www.reuters.com/article/idUSN2225363320100722

    times change.)

  3. Zelsdorf Ragshaft III says:

    Wonder what the highest deficit each year was when Bush was President? Bet it wasn’t 1.4 trillion. Any takers. One has to wonder where they get the idea they can spend like this with no consequences? Maybe it is their plan to ruin the country’s economy. If you believe, like I do that they are following Alinsky’s roadmap. Then this is on purpose. I wonder if that is an impeachable offense?

  4. Juneau: says:

    Yes, but Obama plans on working manfully to address the problem. Just a soon as he figures out whether to use the 9-iron, or the sand wedge to get off the 13th hole without going too far over par.