Obama finally admits 9 trillion deficit over ten years.

[Danno 1,228]

GDP today = 14 trillion

National debt today = 12 trillion = 86% of GDP

GDP in 2019 = 17 trillion (assuming consistent 2% growth)

National debt in 2019 = 21 trillion = 125% of GDP

We're fuсked.

Dude, cash for clunkers was a suckcess! Plus all the stimulus hasnt even kicked in yet. In my town theyre rebuilding a walking bridge which means jobs for about 3 months.

Jimmy Carter Jr.?

This is the first report of an actual real project being done... all this "Shovel ready projects" were completely B.S.

I was duped into believing all this debt of the stim package was at least going to rebuild bridges and other tangible things.

Another Obama myth.

[k.loveh 0]

Good article.

"Any people any where, being inclined and having the power, have the right to rise up and shake off the existing government, and form a new one that suits them better. This is a most valuable, sacred right"

Abe Lincoln 1848

Amen!

[Mr. Big Dog 10,747]

The White House budget office will also lower its deficit forecast for this fiscal year, which ends September 30, to $1.58 trillion from $1.84 trillion next week after removing $250 billion set aside for bank bailouts.

Funny you didn't think this was important enough to highlight.

[Mr. Big Dog 10,747]

The penny is already worth less than the copper its made out of.

Been that way for a long time now - yet whenever the subject of dropping the Penney comes up...guess what happens..?

(Plus we're apparently in love with the whole 'sham' of the $9.99 (or $.99) thing. Make it $10 and be done with it already...)

What would that accomplish?

$0.99 +7% = $1.06

$1.00 +7% = $1.07

Need pennies either way. We could, of course, jack the sales tax up to 10% and then eliminate the penny.

[Danno 1,228]

The penny is already worth less than the copper its made out of.

Been that way for a long time now - yet whenever the subject of dropping the Penney comes up...guess what happens..?

(Plus we're apparently in love with the whole 'sham' of the $9.99 (or $.99) thing. Make it $10 and be done with it already...)

What would that accomplish?

$0.99 +7% = $1.06

$1.00 +7% = $1.07

Need pennies either way. We could, of course, jack the sales tax up to 10% and then eliminate the penny.

With no sourcing I will claim penny's are not even made of copper, I know this because the other night I set one on an alcohol stove made out of 2 soda cans (for backpacking) and it simply melted within a minute, never even turned red.

[Otto 83]

With no sourcing I will claim penny's are not even made of copper, I know this because the other night I set one on an alcohol stove made out of 2 soda cans (for backpacking) and it simply melted within a minute, never even turned red.

They're copper plated now (since the early 80's) made of mostly zinc.

[Danno 1,228]

With no sourcing I will claim penny's are not even made of copper, I know this because the other night I set one on an alcohol stove made out of 2 soda cans (for backpacking) and it simply melted within a minute, never even turned red.

They're copper plated now (since the early 80's) made of mostly zinc.

Thanks for that info.

Another situation where; "What you know to be true in your own life, is often more legit than the common belief of the masses."

[Ban Hammer 13,491]

The penny is already worth less than the copper its made out of.

Been that way for a long time now - yet whenever the subject of dropping the Penney comes up...guess what happens..?

(Plus we're apparently in love with the whole 'sham' of the $9.99 (or $.99) thing. Make it $10 and be done with it already...)

What would that accomplish?

$0.99 +7% = $1.06

$1.00 +7% = $1.07

Need pennies either way. We could, of course, jack the sales tax up to 10% and then eliminate the penny.

that would be a decrease in the virginia sales tax. it's about 12%

[Mr. Big Dog 10,747]

The penny is already worth less than the copper its made out of.

Been that way for a long time now - yet whenever the subject of dropping the Penney comes up...guess what happens..?

(Plus we're apparently in love with the whole 'sham' of the $9.99 (or $.99) thing. Make it $10 and be done with it already...)

What would that accomplish?

$0.99 +7% = $1.06

$1.00 +7% = $1.07

Need pennies either way. We could, of course, jack the sales tax up to 10% and then eliminate the penny.

that would be a decrease in the virginia sales tax. it's about 12%

Come on, Chuck, you know that the step to be taken is to jack it up to 15%. Unless we're going to abandon the Nickel, too. Then it would need to be 20%.

[Ban Hammer 13,491]

The penny is already worth less than the copper its made out of.

Been that way for a long time now - yet whenever the subject of dropping the Penney comes up...guess what happens..?

(Plus we're apparently in love with the whole 'sham' of the $9.99 (or $.99) thing. Make it $10 and be done with it already...)

What would that accomplish?

$0.99 +7% = $1.06

$1.00 +7% = $1.07

Need pennies either way. We could, of course, jack the sales tax up to 10% and then eliminate the penny.

that would be a decrease in the virginia sales tax. it's about 12%

Come on, Chuck, you know that the step to be taken is to jack it up to 15%. Unless we're going to abandon the Nickel, too. Then it would need to be 20%.

just make it an even quarter

[zqt3344 21]

Well this is what we get when a wildly left leaning terrorist loving racist president is elected, it is only going to get worse!

Some say Obama just got in office and all this debt is not "his" fault.

I on the otherhand do blame him because it is him and politicians just like him who dream up one money spending venture after the next, programs which we have no constitutional mandate to tax for.

Obama to raise 10-year deficit to $9 trillion

By Jeff Mason

WASHINGTON (Reuters) - 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.

The White House took heat for sticking with its $7.108 trillion forecast earlier this year after the Congressional Budget Office forecast that deficits between 2010 and 2019 would total $9.1 trillion.

"The new forecasts are based on new data that reflect how severe the economic downturn was in the late fall of last year and the winter of this year," said the administration official, who is familiar with the budget mid-session review that is slated to be released next week.

"Our budget projections are now in line with the spring and summer projections that the Congressional Budget Office put out."

The White House budget office will also lower its deficit forecast for this fiscal year, which ends September 30, to $1.58 trillion from $1.84 trillion next week after removing $250 billion set aside for bank bailouts.

Record-breaking deficits have raised concerns about America's ability to finance its debt and whether the United States can maintain its top-tier AAA credit rating.

Politically, the deficit has been an albatross for Obama, a Democrat who is pushing forward with plans to overhaul the U.S. healthcare industry -- an initiative that could cost up to $1 trillion over 10 years -- and other promises, including reforming education and how the country handles energy.

DEFICIT WORRIES

Republicans have pounced on Obama for planning to spend too much when deficits are so high, and the issue is likely to loom large in next year's Congressional elections.

Obama, who has promised to halve the deficit by the end of his four-year term and likes to remind constituents he inherited a $1.3 trillion deficit from former President George W. Bush, says bringing down healthcare costs is critical to long-term deficit reduction.

Treasury markets have been worried all year about the mounting deficit. The United States relies on large foreign buyers such as China and Japan to cheaply finance its debt, and they may demand higher interest rates if they begin to doubt that the government can control its deficits.

"It's one of those underlying pieces of news that is liable to haunt the bond market at some point in the future," said Kim Rupert, managing director of global fixed income analysis at Action Economics LLC in San Francisco, referring to the revised 10-year deficit projection.

Many economists think it is unlikely the government can curtail spending, which means taxes would have to go up to cover the rising costs of providing retirement and healthcare benefits to aging Americans.

Higher taxes, which could slow economic growth, are also a major concern of voters on both sides of the political divide. Obama has promised not to raise taxes on Americans making less than $250,000 a year.

(Additional reporting by Butron Frierson in New York; editing by Chris Wilson)

[Hilarious Clinton 452]

Bush started the insane spending and Obama is spending at an exponential rate.

For the the leftist..... exponential = a whole bunch more

[Mr. Big Dog 10,747]

Well this is what we get when a wildly left leaning terrorist loving racist president is elected, it is only going to get worse!

Yeah, Sarah, we already know you lack a brain. No need to prove that every day.

[zqt3344 21]

This is what happens when people elect a community organizer, I mean come on, just what the hell is that? This guy is a joke, an actor with a radical tax and spend left wing agenda. Now he is going after the CIA, soon all government agencies that are in place to protect the USA will stop functioning after this guy gets done with them. We are seriously in big trouble and thanks to all that voted to Ovomit, now what do you have to say for yourselves and the Messiah? I am still waiting for my stimulus and rewards, and have yet to receive a damn thing, just the cold hard reality that I am on my own and it is only getting worse not better in the USA thanks to Ovomit! The working middle class is getting a royal screw job by this guy!

Some say Obama just got in office and all this debt is not "his" fault.

I on the otherhand do blame him because it is him and politicians just like him who dream up one money spending venture after the next, programs which we have no constitutional mandate to tax for.

Obama to raise 10-year deficit to $9 trillion

By Jeff Mason

WASHINGTON (Reuters) - 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.

The White House took heat for sticking with its $7.108 trillion forecast earlier this year after the Congressional Budget Office forecast that deficits between 2010 and 2019 would total $9.1 trillion.

"The new forecasts are based on new data that reflect how severe the economic downturn was in the late fall of last year and the winter of this year," said the administration official, who is familiar with the budget mid-session review that is slated to be released next week.

"Our budget projections are now in line with the spring and summer projections that the Congressional Budget Office put out."

The White House budget office will also lower its deficit forecast for this fiscal year, which ends September 30, to $1.58 trillion from $1.84 trillion next week after removing $250 billion set aside for bank bailouts.

Record-breaking deficits have raised concerns about America's ability to finance its debt and whether the United States can maintain its top-tier AAA credit rating.

Politically, the deficit has been an albatross for Obama, a Democrat who is pushing forward with plans to overhaul the U.S. healthcare industry -- an initiative that could cost up to $1 trillion over 10 years -- and other promises, including reforming education and how the country handles energy.

DEFICIT WORRIES

Republicans have pounced on Obama for planning to spend too much when deficits are so high, and the issue is likely to loom large in next year's Congressional elections.

Obama, who has promised to halve the deficit by the end of his four-year term and likes to remind constituents he inherited a $1.3 trillion deficit from former President George W. Bush, says bringing down healthcare costs is critical to long-term deficit reduction.

Treasury markets have been worried all year about the mounting deficit. The United States relies on large foreign buyers such as China and Japan to cheaply finance its debt, and they may demand higher interest rates if they begin to doubt that the government can control its deficits.

"It's one of those underlying pieces of news that is liable to haunt the bond market at some point in the future," said Kim Rupert, managing director of global fixed income analysis at Action Economics LLC in San Francisco, referring to the revised 10-year deficit projection.

Many economists think it is unlikely the government can curtail spending, which means taxes would have to go up to cover the rising costs of providing retirement and healthcare benefits to aging Americans.

Higher taxes, which could slow economic growth, are also a major concern of voters on both sides of the political divide. Obama has promised not to raise taxes on Americans making less than $250,000 a year.

(Additional reporting by Butron Frierson in New York; editing by Chris Wilson)

And well Joe Biden, we already knew you lacked a brain, you prove it everyday with these posts.

Well this is what we get when a wildly left leaning terrorist loving racist president is elected, it is only going to get worse!

Yeah, Sarah, we already know you lack a brain. No need to prove that every day.

[Danno 1,228]

This is what happens when people elect a community organizer, I mean come on, just what the hell is that? This guy is a joke, an actor with a radical tax and spend left wing agenda. Now he is going after the CIA, soon all government agencies that are in place to protect the USA will stop functioning after this guy gets done with them. We are seriously in big trouble and thanks to all that voted to Ovomit, now what do you have to say for yourselves and the Messiah? I am still waiting for my stimulus and rewards, and have yet to receive a damn thing, just the cold hard reality that I am on my own and it is only getting worse not better in the USA thanks to Ovomit! The working middle class is getting a royal screw job by this guy!

Some say Obama just got in office and all this debt is not "his" fault.

I on the otherhand do blame him because it is him and politicians just like him who dream up one money spending venture after the next, programs which we have no constitutional mandate to tax for.

Obama to raise 10-year deficit to $9 trillion

By Jeff Mason

WASHINGTON (Reuters) - 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.

The White House took heat for sticking with its $7.108 trillion forecast earlier this year after the Congressional Budget Office forecast that deficits between 2010 and 2019 would total $9.1 trillion.

"The new forecasts are based on new data that reflect how severe the economic downturn was in the late fall of last year and the winter of this year," said the administration official, who is familiar with the budget mid-session review that is slated to be released next week.

"Our budget projections are now in line with the spring and summer projections that the Congressional Budget Office put out."

The White House budget office will also lower its deficit forecast for this fiscal year, which ends September 30, to $1.58 trillion from $1.84 trillion next week after removing $250 billion set aside for bank bailouts.

Record-breaking deficits have raised concerns about America's ability to finance its debt and whether the United States can maintain its top-tier AAA credit rating.

Politically, the deficit has been an albatross for Obama, a Democrat who is pushing forward with plans to overhaul the U.S. healthcare industry -- an initiative that could cost up to $1 trillion over 10 years -- and other promises, including reforming education and how the country handles energy.

DEFICIT WORRIES

Republicans have pounced on Obama for planning to spend too much when deficits are so high, and the issue is likely to loom large in next year's Congressional elections.

Obama, who has promised to halve the deficit by the end of his four-year term and likes to remind constituents he inherited a $1.3 trillion deficit from former President George W. Bush, says bringing down healthcare costs is critical to long-term deficit reduction.

Treasury markets have been worried all year about the mounting deficit. The United States relies on large foreign buyers such as China and Japan to cheaply finance its debt, and they may demand higher interest rates if they begin to doubt that the government can control its deficits.

"It's one of those underlying pieces of news that is liable to haunt the bond market at some point in the future," said Kim Rupert, managing director of global fixed income analysis at Action Economics LLC in San Francisco, referring to the revised 10-year deficit projection.

Many economists think it is unlikely the government can curtail spending, which means taxes would have to go up to cover the rising costs of providing retirement and healthcare benefits to aging Americans.

Higher taxes, which could slow economic growth, are also a major concern of voters on both sides of the political divide. Obama has promised not to raise taxes on Americans making less than $250,000 a year.

(Additional reporting by Butron Frierson in New York; editing by Chris Wilson)

And well Joe Biden, we already knew you lacked a brain, you prove it everyday with these posts.

Well this is what we get when a wildly left leaning terrorist loving racist president is elected, it is only going to get worse!

Yeah, Sarah, we already know you lack a brain. No need to prove that every day.

Joe Biden,

That guy cracks me up.

He talks about how much of a "home-town" guy he is by talking about eating at the neighborhood cafe "Kates" while debating Palin.

We later find out Kates has been closed down for like ......15 years.