UP Ibalon Bicol: Obama’s projected budget deficit jumps from $7.108 trillion to $9 trillion

Obama’s projected budget deficit jumps from $7.108 trillion to $9 trillion

8/23/2009 | Posted by mesiamd | Edit Post

When Americans were told that under Pres. Barack Obama's term, the 10-year US budget deficit will reach more than $7 trillion, they could only sigh in disappointment. This was not the promise they heard during the campaign. Under Obama’s talk when he sought the presidency, he assured: USA could ride the tide of economic crisis with less spending and less worry. It was not the case.

The deficit forecast was worse than what the White House optimistically insisted. Even with $1.3 trillion deficit Obama inherited from Pres. George Bush, a jump to $9 trillion had been staggering. Amidst promises to overhaul healthcare, improve education, and bring back the country to prosperity, mounting doubts continued to erode the trust Obama enjoyed since the election. Talks of economic recovery was not consistent with persistent high unemployment.

In keeping with original forecast of the Congressional Budget Office issued early in early 2009, the budget deficit in 2010 to 2019 is expected to reach a staggering $9.1 trillion. The disclosure brings more uncertainty and trepidation to the public that tries to make sense of the planned healthcare overhaul which will cost the government greater than $1 trillion in a nine years.

Republicans are quick to point out the excessive spending of Obama. Many question how America can pay and at the same time keep its credit rating in the world market with such huge deficit.

Economists wonder if the administration can stop heavy spending without raising taxes which can slacken eeconomic growth. Time is running out for Obama to convince the Americans that he is on the right track.(Photo Credit: nmfbihop) =0=

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Labels: budget, budget deficit, deficit, forecast, taxes, USA

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Obama’s projected budget deficit jumps from $7.108 trillion to $9 trillion

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