Thank Obama for Nine TRILLION Dollars of Debt

Sunday Paper - August 30th, 2009

The White House has revised the deficit for the next decade, now forecasting it at $9 trillion of additional debt.  This could be the beginning of the end for the Obama administration and their radical pillaging of the American people (those who pay federal income taxes).  Frustration and outrage has been exhumed from taxpayers of all political stripes: both Democrats and Republicans, Libertarians, and Independents.  Certainly, this is terrible news for those hoping for someone else to pay their medical bills, as cost (incurring roughly $2 trillion of debt by some estimates to pay for it) was already a sticking point for Obama care.

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The Wall Street Journal detailed the “deteriorating budget picture.”

Plunging tax receipts, soaring spending and a sluggish recovery will push the nation’s deficits dramatically higher over the next decade, creating new complications for President Barack Obama’s domestic agenda.

The deteriorating budget picture, detailed Tuesday in separate White House and congressional reports, comes just as Democrats and Republicans prepare to resume the battle over Democratic plans to spend $1 trillion overhauling the nation’s health-care system.

The numbers — including a White House forecast of $9 trillion in additional debt over the next decade– could affect Mr. Obama’s efforts to increase spending in a host of areas, from education to foreign aid. Some budget experts also reiterated their belief that tax increases may need to hit families that the president has vowed to protect.

White House budget director Peter Orszag, in an interview Tuesday, said the deficit projections are “higher than desirable” and the administration is working to bring them down in the 2011 budget proposal due early next year.

Asked if that meant tax changes affecting families earning below $250,000– something Mr. Obama has pledged he would avoid — Mr. Orszag replied: “We’re in the midst of putting together the 2011 budget, and we’ll have more to say about that later.”

This from The Wall Street Journal - August 26th, 2009

http://online.wsj.com/article/SB125119686015756517.html?mod=rss_com_mostcommentart

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