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"The Obama administration will raise its 10-year budget deficit projection to approximately $9 trillion from $7.108 trillion in a report next week, a senior administration official told Reuters on Friday. The higher deficit figure, based on updated economic data, brings the White House budget office into line with outside estimates and gives further fuel to President Barack Obama's opponents, who say his spending plans are too expensive in light of budget shortfalls."
Well, that's definitely bad news, but it shouldn't come as a surprise since the original deficit projections were made back in January (I think) before the full extent of the recession was recognized. Just as the unemployment projections back then were off - so would be the income projections (since Federal income is dependent upon income taxes - and with more people unemployed than was expected, income levels will be down as well).
As I said, definitely bad news - but not really unexpected.
Projections are just that - projections, in truth little more than an educated guess - especially when you are dealing with a 10 year projection. A LOT can happen in that time. The Bush administration certainly didn't count on a massive recession that came to be in his last year in office when they made THEIR 10 year projections. They made their best guess based on what they expected to happen over that time. They were wrong with their 10 year projections just as Obama was wrong with his first attempt at a 10 year projection.
Just for context regarding projections, in January 2008, CBO projected the FY2008 budget deficit at $219 billion and that for FY2009 at $198 billion. By January 2009, those numbers had changed some. To $455 billion and $1.2 trillion.
The administration's mid-session budget review is normally released around July 20. Except during an inaugural year. W's first mid-session review was released on August 22. Clinton's first was released on September 1.
The administration's mid-session budget review is normally released around July 20. Except during an inaugural year. W's first mid-session review was released on August 22. Clinton's first was released on September 1.
I agree, he could have waited until he go back from vacation.
I agree, he could have waited until he go back from vacation.
It's not like people don't know where he is (unlike that GOP governor who left his family and ran off to South America to meet his mistress over Fathers Day weekend).
There is no hiding when your are President - nor are you EVER really on vacation.
Ken
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