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.