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President Obama's fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation's economic output by 2020, the Congressional Budget Office reported Thursday.
We have to stop blaming Bush for all this. He continued bad policy and spending practices and our current president is going off the edge spending like there is no tomorrow...sadly if he and our amazing congress continues to spend like this there may be no tomorrow.
Originally posted by MichiganSwampBuck
Maybe they are spending like no tomorrow because there is no tomorrow economically speaking. They have an exit strategy when the SHTF and/or a plan that absolves them of any guilt and debt after this becomes unsustainable. They always have an out from their turn at the cash cow, even if that cow is drying up and on its last leg. Use it up and move on, the boom and bust or slash and burn model if you will.
Originally posted by JIMC5499
So the CBO was a few days late and a few trillion dollars short. Of course this info gets released now, instead of last week when it might have made a difference. I wonder who interfered in the operation of an independant government agency?