White House Adds $2 Trillion More to 10-Year Deficit Forecast, Bringing Total to $9.1 Trillion

August 22, 2009

(ChattahBox) — New projections by the nonpartisan Congressional Budget Office have added approximately $2 trillion to the government’s longterm budget deficits forecast, bringing the total to over $9.1 trillion, more than it currently collects in tax revenue over the next decade. That’s a lot of borrowing we’re going to be forced to do. The 2010-2019 projection, due out in a report release Aug. 25, will supersede the previous forecast of about 7.1 trillion dollars, according to an official with the White House’s Office of Management and Budget. The administration revised the estimate after taking into account more up-to-date information about how the economy performed late last year, which affected its assumptions about the future, the official said. On the bright side, this year’s deficit will be smaller than expected totaling $1.58 trillion, which is about $262 billion less than previously estimated, the administration said earlier this week.  The grim 10-year outlook no doubt will be used as leverage for GOP political rancor over the administrations spending policies and push for national healthcare. But this forthcoming deficit crisis has been foreseen and ignored by politicians for years, as baby boomers retire in increasing numbers, decreasing the nations tax base and adding significant costs for federal entitlements, such as Medicare and Social Security.

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