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US Deficit Estimate Jumps by $2 trillion - CNN

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Uploaded by on Aug 22, 2009

The following video was broadcast by CNN on August 21, 2009.

US President Barack Obamas administration will raise its 10-year budget deficit forecast to about nine trillion dollars, up about two trillion from the previous forecast, a US official said Friday.

The 2010-2019 projection, due out in a report expected next week, will supercede the previous forecast of about 7.1 trillion dollars, according to an official with the White Houses Office of Management and Budget.

The OMB official requested anonymity.

The figures are expected to fuel a fierce political debate over the US deficit and debt, with Obamas Republican critics redoubling their calls for him to abandon his plans to remake US health care and fight climate change.

On Wednesday, an Obama administration official said the White House next week would pare the estimated 2009 US budget deficit to 1.58 trillion dollars, around 262 billion dollars lower than forecast.

OMB will make the announcement when it releases its delayed annual mid-year review next week, the official said, on condition of anonymity.

In May, the administration projected a 3.998 trillion dollar budget for 2009 with a deficit of 1.841 trillion dollars, reflecting swollen spending amid the worst economic crisis on record.

The lower-than-expected figure was attributed to the administration spending less money than it had projected on bank failures and aid to the financial industry.

The 2009 deficit will clock in at around 11.2 percent of Gross Domestic Product (GDP) and new projected budget figures will come in at around 3.65 trillion dollars.

Source: RawStory
- http://blacklistednews.com/?news_id=5287
- http://rawstory.com/08/news/2009/08/22/white-house-deficit-estimate-jumps-by-...

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Uploader Comments (enslavetherich)

  • Why! Us young people might as well go and get are grind on and hide are money under the mattress or under the floor broads. so much for a strong government. I wonder what other nations and countries think about us now?

  • Well... As a Dutch guy (who uploaded this video)

    My thoughts are that the coming generations are screwed.. Banks knew what they were doing when they blew up the housing market, when they were creating a huge pile of (toxic) derivatives, becoming "too big to fail".. The Federal Reserve gave these institutions the money for it, to create these gigantic bubbles..

    The whole system needs to change.. But how? Ron Paul might have an idea for it.. Dollar backed by gold again? Abolish the Fed?

Top Comments

  • The point should be that both Bush AND Obama have screwed this country and eveyrone living in it. Pointing fingers is just entertainment and nonconstructive. When Americans finally wake up and realize that not enough politicians care what we think, we're all gonna wind up like turds in a toilet bowl going down when the economy finally collapses.

  • Obama is a complete idiot!! HE is responsible for the additional 9 trillion dollars of debt, yet acts surprised when talking about it! It's way to far into the year to still blame Bush, he needs to own up to his own party's mistakes and STOP SPENDING...DAMNT!! No more free handouts to lazy Americans and illegal immigrants. CUT THE SHIT OBAMA and give us back America!!!!!!!!!!!!! Oh and mrs. Obama and Pelosi need to be arrested for treason! That is all.

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All Comments (25)

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  • @megarational I know your comment was 11 months ago, but unless you have grown a brain in the meantime, the reply is still appropriate.

  • @LiquaFoo But the deficit was increasing daily, a lot of it because by the end of the Bush/GOP term the nation was losing 3/4 million jobs every month, which automatically added to the deficit as social programs kicked in and revenues decreased.

    Add to that the money that was necessary to bail out the economy from total collapse. The collapse of the economy would also have added billions to the deficit from still further lost jobs, reduced revenues, and automatic increases in "safety nets".

  • It ain't too bad!

    $2 T = 6000 per US citizen over 10 years = $600 per person per year in addition to the existing debt.

    But where is the money coming from? Another war?

  • Wait till you see how angry people will be when they find out their tax money is going to be used to go to War with God.

    All in Revelation. Time to read it. It only takes a couple hours.

    Instead of watching TV tonight, Read Revelation

    It can be confusing so I have Videos to help.

    Ask Where is the missing Trillions? Big Secret

  • On inaguration day for OBAMA the deficit was above 10 trillion dollars and had been growing to that rate since the revolution. On top of that the goverment does NOT bring in enough money in taxes to pay for the services that it provides for its people (i.e. SCHOOLS, SOCIAL SECURITY, MEDI CARE, etx) so its going to be impossible to pay this off. Thats 35,000 for every man women and child in America in order to pay that off. Soo doesn't matter about Bush or Obama

  • It is important to REMIND THE REPUBLICANS THAT THIS DEFICIT IS ALSO THEIR PROBLEM since thepreviuos adminsitration facilitated it in many ways.. Blaming Obama is only going to make things worse for them.

  • I searched, couldn't find anything? Even did a Google search, zip.

  • look at the budget

  • What details do you have on that?

  • IT is bush fault he put us in this mess

    hope we go into a depression, best time to make money

    hope we get 20% unemployment

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