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A world-class deficit.(The Week)(United States budget deficit )
IT'S time for a pop quiz. What is bigger than the combined economies of India, Russia, Brazil, Spain, and Canada? Answer: the U.S. budget deficit over the next ten years, if the Obama budget plan becomes law.
President Obama plans to borrow about $7 trillion over the next ten years to finance all of his spending plans. That is a big number, and a tough thing to put in perspective. To present an idea of the scale of the deficits, the attached chart compares Obama's projected deficit with the 2007 GDPs of the eleven largest economies on earth other than that of the U.S.
The projected ten-year deficit is larger than the Japanese economy. It's larger than the German economy. It's larger than the bottom five economies on the list combined.
Obama accomplishes these enormous deficits by spending a lot early, and spending a lot late. The deficit this year in his budget is projected to be about $1.7 trillion, a bit larger than the entire Canadian economy and a bit smaller than the Italian one. But it's not just near-term countercyclical Keynesian foolishness fueling the outlook. The deficit in 2019, the tenth year of his projected budget, is $712 billion, about two-thirds the size of the Indian ...
- Obama aims to cut deficit in half by '13.(national)(Barack Obama)(budget...
- Newspaper article from: The Christian Science Monitor Feldmann, Linda February 23, 2009 700+ words
...responsibility summita* aimed at focusing attention on the exploding budget deficit and looming insolvency of entitlement programs. On Tuesday...Obama is expected to announce that he plans to cut the budget deficit in half by the end of his term. The White House projects...
- PELOSI STATEMENT ON CBO ANALYSIS OF OBAMA BUDGET.
- News wire article from: The America's Intelligence Wire March 20, 2009 700+ words
...Pelosi Statement on CBO Analysis of Obama Budget Contact: Brendan Daly/Nadeam Elshami...budget and projections for the federal budget deficit. "With rising unemployment and home...would continue to decline and that the budget deficit President Obama inherited from the...
- Pelosi Statement on CBO Analysis of Obama Budget.
- Newspaper article from: Science Letter April 7, 2009 700+ words
...President Obama's budget and projections for the federal budget deficit (see also Office of the Speaker of the House). "With...surprise that revenues would continue to decline and that the budget deficit President Obama inherited from the previous Administration...
- Obama budget cuts bring Dem protests.
- News wire article from: UPI NewsTrack May 8, 2009 700+ words
...protests are likely only a preview of many more Democratic objections to come next year when Obama moves to slice the $1.2 trillion U.S. budget deficit, and presents a real test for his ability to lead as president, the newspaper said.
- U.S. House OKs Obama budget plan.
- News wire article from: UPI NewsTrack April 2, 2009 700+ words
...the White House. "And by making hard choices and challenging the old ways of doing business, we will cut in half the budget deficit we inherited within four years." Senate leaders said a similar budget would be approved in a vote around midnight, the...
- House, Senate panels take up Obama budget.
- News wire article from: The America's Intelligence Wire March 25, 2009 700+ words
...would scrap Obama's signature middle-class tax cut after 2010 while employing some sleight of hand to cut the annual budget deficit to a sustainable level. Conrad promises to reduce the deficit from a projected $1.7 trillion this year to a still...
- Obama Budget Contains More than $1.6 Trillion in Tax Increases... Possibly As...
- Newspaper article from: Science Letter March 17, 2009 700+ words
...than $1 trillion in new taxes in the Obama budget, Grassfire.org has identified more...resistnet.com/profiles/blogs/obama-budget-more-than-16 Elliott adds that...trillion is just the starting point: "The Obama budget only accounts for the portion of the...
- Obama budget: restoring income equality in the US?(Money & Values)(Barack Obama...
- Newspaper article from: The Christian Science Monitor Francis, David R. March 16, 2009 700+ words
...unemployment, housing losses, and bankruptcies. The Obama budget would make the tax code "far more progressive," that is...himself as a "budget geek" at the EPI, found reading the Obama budget "a pleasure" because it was more honest than Bush budgets...
- The Obama budget's big ambitions.(Barack Obama)(national)
- Newspaper article from: The Christian Science Monitor Grier, Peter February 27, 2009 700+ words
...money is, in essence, penciled into the budget with the designation a*TBDa* - To Be Determined. On climate change, the Obama budget assumes that the US government will reap hundreds of billions of dollars in revenue from a so-called a*cap and tradea...
- Obama budget would reinstate Superfund tax.
- News wire article from: Chemical Business Newsbase March 2, 2009 700+ words
...Superfund tax expired in 1995, the cost of cleanups had been jointly funded by the government and other liable parties. The Obama budget includes significant increases in EPA funding, including around $19 M to track greenhouse gas emissions.
Source: HighBeam Research, A world-class deficit.(The Week)(United States budget deficit )