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New deficit projections could slow Obama's agenda

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posted on Aug, 25 2009 @ 08:22 AM

"The numbers are scary," said Austin Smythe, Republican staff director of the House Budget Committee.

"This is spin, and nothing more. The lower estimate is strictly the result of the administration massaging their budget assumptions," former CBO director Douglas Holtz-Eakin wrote in a memo to House Republican Leader John Boehner.

But the government's rock-bottom borrowing costs could go up as well when the economy improves and investors demand a higher rate of return. The government's retirement and healthcare expenses also are expected to explode over the coming decade as millions of Baby Boomers retire.

With congressional elections looming next year, Obama will be pressed to show he is serious about cutting costs.

Many economists think that it is unlikely the government can curtail spending, which means taxes would have to rise.

Well you know what they say, "more money, more problems".

posted on Aug, 25 2009 @ 08:25 AM
Interesting that now it shows that the so call clunkers was funded by China.

A congressman was on TV telling that to the public, he also pointed out that is nothing in this nation that is not funded by foreign money.

The government can not just stop the budget on its tracks without repercussion.

We are a nation of spenders and the government is the biggest spender of all.

The projections will not stop the Obama agenda the agenda most go on.

[edit on 25-8-2009 by marg6043]

posted on Aug, 25 2009 @ 08:28 AM
reply to post by warrenb

I think it may well signal the end of any hope he may have had for winning public support for his agenda. Afterall, when he's off $2 Trillion in his budget projections just seven months into office, how in the world could you ever trust his assertions that healthcare, for instance, will be deficit neutral? You can't.

His credibility gap is growing right along with these projections.

posted on Aug, 25 2009 @ 10:18 AM
I got a simple answer for this. BO with the press at his back will simply blame President Bush. Why else would they be bringing up the CIA again, to move attention away from this.
But I think people are finally starting (a little too late thought) to wake up on this guy and find obama far more trouble then they could've ever dreamed.

reply to post by vor78

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