• 25 Aug 09
  

  rbshocker Bennett

  WASHINGTON – The federal government faces exploding deficits and mounting debt over the next decade, White House officials predicted Tuesday in a fiscal assessment far bleaker than what the Obama administration had estimated just a few months ago.
  
  

  Economy Politics

  • White House projects bigger deficits, bigger debt

  • $2 trillion more than the administration estimated in May
  • 3 more annotations...
  • • Obama economic adviser Christina Romer predicted
      unemployment could reach 10 percent this year and begin a slow decline next
      year.
    • The Congressional Budget Office, which
      has predicted less economic growth than the White House in the past, was also
      scheduled to announce revised budget projections on Tuesday.

    • What's more, the high unemployment could last well into the congressional election campaign next
      year, turning the contests into a referendum on Obama's economic policies.

• 

  Elena LaVictoire

  If you voted for Obama is this really the hope and change you were looking for? Really??

  obama current events finance areyousorryyet?

  • WASHINGTON – The federal government faces exploding deficits and mounting debt over the next decade, White House officials predicted Tuesday in a fiscal assessment far bleaker than what the Obama administration had estimated just a few months ago.

    
    

    Figures released by the White House budget office foresee a cumulative $9 trillion deficit from 2010-2019, $2 trillion more than the administration estimated in May. Moreover, the figures show the public debt doubling by 2019 and reaching three-quarters the size of the entire national economy.

  • The deeper red ink and the gloomy unemployment forecast present President Barack Obama with an enormous challenge. The new numbers come as he prods Congress to enact a major overhaul of the health care system — one that could cost $1 trillion or more over 10 years. Obama has said he doesn't want the measure to add to the deficit, but lawmakers have been unable to agree on revenues that cover the cost.

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