March 5 (Bloomberg) -- President Barack Obama’s budget proposal would generate bigger deficits than advertised every year of the next decade, with the shortfalls totaling $1.2 trillion more than the administration estimated, according to the Congressional Budget Office.
The nonpartisan agency said today the deficit will remain above 4 percent of the nation’s gross domestic product for the foreseeable future while the publicly held debt will zoom to $20.3 trillion, amounting to 90 percent of GDP by 2020. By then, interest payments on the debt will have quadrupled to more than $900 billion annually, the report said.
Deficits between 2011 and 2020 would total $9.76 trillion, the CBO said.
Economists generally consider deficits topping 3 percent of GDP to be unsustainable because that means government debt is growing faster than the ability to pay back the money.
Asked by Anonymous at 11:32 AM on Mar. 6, 2010 in Politics & Current Events
It's what they all do, use fuzzy math or creative accounting to make things look better than they are. More change I can't believe in.
Answer by Friday at 1:26 PM on Mar. 6, 2010
This is news?!?!? LOL
Answer by LoriKeet at 12:09 PM on Mar. 6, 2010
Answer by mancosmomma at 1:01 PM on Mar. 6, 2010
Answer by grlygrlz2 at 4:10 PM on Mar. 6, 2010
Answer by 29again at 7:19 PM on Mar. 6, 2010
Answer by Carpy at 8:05 PM on Mar. 6, 2010
Once again, no defenders. Maybe someone will come along and compare Obama to Nixon again.
Answer by Anonymous at 8:09 PM on Mar. 6, 2010
Well, no worries, don't you know that it's all good, they have everything under control!
Answer by agentwanda at 8:11 PM on Mar. 7, 2010