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Projected U.S. budget deficits are too high and could force up interest rates and crowd out investment unless the country takes action, the head of the White House budget office said on Tuesday.
The Obama administration reported a record U.S. budget deficit for last fiscal year of $1.4 trillion, or 10 percent of GDP, after it rescued the economy and some of the United States' biggest banks from the worst recession in 70 years.
Next year's fiscal shortfall is expected to be about the same
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He blamed the funding gap on the failure of the administration of Republican President George W Bush to finance its tax cuts and subsidies to Medicare prescription drugs, as well as the recession.
Originally posted by projectvxn
So we have one of many acknowledgments from the White House of our out of control debt. Another for them to forget about while they spend our future out of existence. It's not as if the White House has never said anything about our deficits, but they don't do anything about it, they just come up with more ways to spend.
I don't see this as an "I told you so" moment, they already knew.
[edit on 3-11-2009 by projectvxn]
Originally posted by HunkaHunka
reply to post by projectvxn
Regardless... we have a situation... and they are being open about that situation.
I chalk this up to transparency.