- Nov 30, 2000
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A budget review released by the White House on Tuesday says that President Obama has ?reoriented the Nation back to a path toward fiscal discipline? and then reveals that the administration is planning for the federal government to run cumulative deficits over the next decade of $9.05 trillion, meaning the average annual federal deficit will be $905 billion.
The figures were calculated by the White House Office of Management and Budget and published in a document entitled, ?Mid-Session Review?Budget of the U.S. Government?Fiscal Year 2010.?
?Despite the demands put on the treasury to respond aggressively to avoid economic collapse, the President in February put forward a Budget that re-oriented the Nation back to a path toward fiscal discipline,? says the review.
This year?s deficit, according to the review, will be $1.580 trillion. The largest annual deficit in the history of the country before this year was in fiscal 2008, when it was $458.5 billion, according to the OMB.
In other words, the average annual deficit of $905 billion that the White House says the Obama administration now envisions the government running over the next ten years will be almost twice as large as the largest deficit the United States ever ran before Obama entered office.
According to the Bureau of the Public Debt, which is a division of the Treasury Department, the total national debt is now $11.73 trillion. Under the new deficit spending President Obama has planned, the national debt will reach $20.78 trillion in 2019.
More of the story in the link.
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Wow. Just wow. Some one needs to write the definition of financial discipline on a napkin and pass it to Obama.
How are we ever going to dig ourselves out of this pit? The thing this is doing is scaring the hell out of responsible Americans. I know I'm currently selling my house so I can get out of debt because God knows what's going to happen with this economy in the next decade.
A budget review released by the White House on Tuesday says that President Obama has ?reoriented the Nation back to a path toward fiscal discipline? and then reveals that the administration is planning for the federal government to run cumulative deficits over the next decade of $9.05 trillion, meaning the average annual federal deficit will be $905 billion.
The figures were calculated by the White House Office of Management and Budget and published in a document entitled, ?Mid-Session Review?Budget of the U.S. Government?Fiscal Year 2010.?
?Despite the demands put on the treasury to respond aggressively to avoid economic collapse, the President in February put forward a Budget that re-oriented the Nation back to a path toward fiscal discipline,? says the review.
This year?s deficit, according to the review, will be $1.580 trillion. The largest annual deficit in the history of the country before this year was in fiscal 2008, when it was $458.5 billion, according to the OMB.
In other words, the average annual deficit of $905 billion that the White House says the Obama administration now envisions the government running over the next ten years will be almost twice as large as the largest deficit the United States ever ran before Obama entered office.
According to the Bureau of the Public Debt, which is a division of the Treasury Department, the total national debt is now $11.73 trillion. Under the new deficit spending President Obama has planned, the national debt will reach $20.78 trillion in 2019.
More of the story in the link.
----------------------------------------------------------
Wow. Just wow. Some one needs to write the definition of financial discipline on a napkin and pass it to Obama.
How are we ever going to dig ourselves out of this pit? The thing this is doing is scaring the hell out of responsible Americans. I know I'm currently selling my house so I can get out of debt because God knows what's going to happen with this economy in the next decade.
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