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The White House projects a $1.21T deficit for its FY12 budget in its mid-session review,...

The White House projects a $1.21T deficit for its FY12 budget in its mid-session review, slightly less than then $1.33T projected in February. It's also projecting a cumulative deficit of $3.44T (3.9% of expected GDP) from FY13-FY17, and forecasts 2.3% GDP growth in FY12 and 2.7% growth in FY13, below prior forecasts of 2.7% and 3%.
Comments (21)
  • dieuwer
    , contributor
    Comments (2266) | Send Message
     
    ...while leaving out the $100T in unfunded liabilities.

     

    http://usdebtclock.org
    27 Jul 2012, 02:44 PM Reply Like
  • wyostocks
    , contributor
    Comments (7703) | Send Message
     
    The 2.3% GDP is no where near the mark so the deficets will be much larger.
    27 Jul 2012, 02:47 PM Reply Like
  • Poor Texan
    , contributor
    Comments (3529) | Send Message
     
    What budget? We've been operating without one.
    27 Jul 2012, 02:59 PM Reply Like
  • fred1724
    , contributor
    Comments (63) | Send Message
     
    For years!
    27 Jul 2012, 04:22 PM Reply Like
  • maudie
    , contributor
    Comments (470) | Send Message
     
    How it's done in the faculty lounge:
    Barack Obama on Tuesday, March 24th, 2009 in in a news conference.

     

    Defending his budget at a news conference on March 24, President Barack Obama repeated his claim that his plan would cut the deficit in half in five years.

     

    "Both under our estimates and under the CBO estimates, both the most conservative estimates out there, we drive down the deficit over the first five years of our budget," Obama said. "The deficit is cut in half. And folks aren't disputing that."

     

    According to projections in the Obama administration's proposed budget , released at the end of February, the yearly deficit would go from $1.75 trillion in 2009 to $533 billion in 2013 and $570 billion in 2014. So obviously, by the administration's estimation, the deficit would be cut well more than half whether you measure it until the end of Obama's first term (four years), or five years out.
    27 Jul 2012, 03:03 PM Reply Like
  • fred1724
    , contributor
    Comments (63) | Send Message
     
    And you believe that?
    27 Jul 2012, 04:24 PM Reply Like
  • csymalla
    , contributor
    Comments (105) | Send Message
     
    sigh... and I remember the days when $400 & $500 billion were the talk of the town as record setting fiscally irresponsible schemes of neocons and that was only 4 and 5 years ago.

     

    We are really in a pickle when the only way we can keep our economy afloat is to run extreme deficits.
    27 Jul 2012, 03:05 PM Reply Like
  • montanamark
    , contributor
    Comments (1435) | Send Message
     
    remember "everything is fine" and "you didn't build that"

     

    they should put a copy of todays cnbc tape in a time box to open in the future; hard to fine dumber statements
    the dow is blasting through 13000 and every talking head is crying for more QE
    27 Jul 2012, 03:05 PM Reply Like
  • Tommy_Finger
    , contributor
    Comments (320) | Send Message
     
    A special one-time "humanitarian" tax on the $500T controlled by the Rothschild empire should cover this easily.
    27 Jul 2012, 03:24 PM Reply Like
  • LIBERAL
    , contributor
    Comments (22) | Send Message
     
    Seriously All the polices that run up the debt are rebulican polices PERIOD and I dare anyone to dispute that Medicare part d the 2 wars and yess the bush tax cuts if all of those where gone or never put in place debt would be not even 5 trillion max 6
    27 Jul 2012, 04:12 PM Reply Like
  • fred1724
    , contributor
    Comments (63) | Send Message
     
    And no policies since 2008 - or for that matter from the Democrat controlled Congress since 2006 have any effect or meaning? Are you actually awake/
    27 Jul 2012, 04:26 PM Reply Like
  • wyostocks
    , contributor
    Comments (7703) | Send Message
     
    LIBERAL
    I've heard it said liberalism is a brain disease. Your comments makes me believe it is true.
    27 Jul 2012, 04:39 PM Reply Like
  • montanamark
    , contributor
    Comments (1435) | Send Message
     
    its easier if you just cut and paste the talking points - did they tell you
    "its all Bush's fault?"

     

    just a small note - obama has increased the deficit more than all prior administrations combined; more money has been spent on war under obama than Bush including that little foray into Libya and more soldiers have died in Iraq and Afghanistan under obama than Bush; under obama we are breaking new records every day like e.g. poverty levels. food stamps, government assistance, misery index, etc
    27 Jul 2012, 05:00 PM Reply Like
  • wyostocks
    , contributor
    Comments (7703) | Send Message
     
    montanamark
    It is a waste of time pointing facts out to liberals. Their idiology blinds whatever logic cells their brains may possibly possess.
    27 Jul 2012, 05:23 PM Reply Like
  • LIBERAL
    , contributor
    Comments (22) | Send Message
     
    Ok so what has obama done to increase deficit then that u can point to as a FACT dont say health care non of it has been implimented yet and i'll even give u the stimulus which added a trillion oh yeah HALF was tax cut Please Im all ears inform me of the rest
    27 Jul 2012, 07:16 PM Reply Like
  • dieuwer
    , contributor
    Comments (2266) | Send Message
     
    I don't think it is the fault of any president. The problem is, the current Democracy works only by promising "free lunches" to the people in return for a vote. No one is going to vote for a representative that promises hardship and frugalty. Just look at Europe.
    Both sides of the aisle are doing this: the reps by promising tax cuts while paying for it with debt, the dems by promising social programs while paying for it with debt.

     

    I personally would advocate a complete reset of the federal budget: take a clean piece of paper and write on one side what you really want to have and do. On the other side write what it is going to cost. Then, you figure how to pay for it.
    28 Jul 2012, 03:06 AM Reply Like
  • LIBERAL
    , contributor
    Comments (22) | Send Message
     
    No that is a cop out under REGAN yess ronald regan and Both BUshes is where our Debt became what it is almost ALLL of it is from those presidents PERIOD every single Fact every way u can slice is is from them rebulicans love to talk about debt but its them who run it up EVERY single time
    28 Jul 2012, 10:32 AM Reply Like
  • wyostocks
    , contributor
    Comments (7703) | Send Message
     
    LIBERAL
    A little education for you------The deal Reagan and Tip Oneil put together was that taxes would be lowered in 1982 (which caused the GDP to race up to plus 9%) and spending cuts were to follow.
    Oneil and the democrats then reneged on the spending cuts and screwed Reagan.
    So bluntly, the democrats once again lied to the people.
    History class closed.
    28 Jul 2012, 03:30 PM Reply Like
  • LIBERAL
    , contributor
    Comments (22) | Send Message
     
    again ok and explain bush cuz he had all rebulicans and most of the debt even under obama are BUSH carryovers number one the bush tax cuts
    28 Jul 2012, 07:27 PM Reply Like
  • LIBERAL
    , contributor
    Comments (22) | Send Message
     
    republicans DONT like facts Regans own words where that his biggest regret of his presidency was the deficit and bush was just a JOKE like seriously between him and that congress what are u guys talking about and mitt romneys budget will increase debt by 5 trillion So explain to me how u guys are the party to responsibility
    28 Jul 2012, 07:29 PM Reply Like
  • LIBERAL
    , contributor
    Comments (22) | Send Message
     
    rebulicans make messes then a democrat has to come clean it up
    28 Jul 2012, 07:30 PM Reply Like
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