Hope & Change: CBO – Obama’s Record Budget Deficits Even Worse Than Thought, To Add $9.7 Trillion to US Debt by 2020 (+$1.2 Billion)
Good Grief … Obama and the Democrats are driving our economy off a cliff. What’s an extra $1.2 billion among friends?
No wonder only 25% of Americans say the country is heading in the right direction. After this news, that number will most likely be even lower. Confidence in the US economy is at the lowest point since Obama took office.
Barack Hussein Obama just continues to get the United States of America further and further into debt. Obama budget worsr than previously thought. The nonpartisan Congressional Budget Office (CBO) predicts that Obama’s budget plans would generate deficits $1.2 trillion more than predicted by the administration.
The Washington Post reports that President Obama’s policies would add more than $9.7 trillion to the national debt over the next decade. Obama is running this country into financial ruin. But of course it’s all Bush’s fault.
The 10-year outlook by the nonpartisan Congressional Budget Office is somewhat gloomier than White House projections, which found that Obama’s policies would add $8.5 trillion to the debt by 2020. While the two agencies are in relative agreement about the short-term budget picture, with both predicting a deficit of about $1.5 trillion this year and $1.3 trillion in 2011, the CBO is less optimistic about future years, predicting that deficits will grow rapidly after 2015.
Hey America, how is that “hopee, changee” thing working out for you? Want some news that will make you lose your appetite? These record deficits will be Obama’s undoing in 2012 and the Democrats destruction in 2010.
The new report predicts that debt held by investors, including China, would spike from $7.5 trillion at the end of last year to $20.3 trillion in 2020. That means interest payments would more than quadruple — from $209 billion this year, to $916 billion by the end of the decade.