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OBAMA DEFICIT FORECAST IS A LIE

The bigger the lie, the more likely the masses will believe it. The mainstream liberal press will do handstands tomorrow because the White House is lowering the deficit projection to $1.58 Trillion from $1.84 Trillion. Funny, but my calculation says that the deficit is already $1.7 Trillion. Maybe I went to an inner-city public school and can't subtract. Please check my math:

National Debt on September 30,  2008                  $10.025 Tril

National Debt on August 18, 2009                          $11.727 Tril

MY CRAZY CALCULATION OF DEFICIT               $ 1.702 Trillion

Somebody please let me know what I'm doing wrong. I'm sure the government must be right. They would never mislead us and make numbers look better than they really are.

 

White House to Lower 2009 Deficit Estimate to $1.58 Trillion

By Brian Faler and Roger Runningen

Aug. 19 (Bloomberg) -- President Barack Obama’s budget office will announce the government’s deficit this year will total $1.58 trillion, about $262 billion less than forecast in May, according to an administration official.

The White House’s biannual budget review set for release next week will show the projected shortfall lessened primarily because the administration scrapped contingency plans to provide hundreds of billions of dollars in additional aid to the financial industry, said the official.

The reduced deficit is also attributable to fewer bank failures than the administration anticipated, which meant spending by the Federal Deposit Insurance Corp. will be $78 billion less than forecast, said the official, who requested anonymity because the figures haven’t been publicly released.

The deficit will amount to 11.2 percent of the nation’s gross domestic product, with spending totaling $3.653 trillion and revenues amounting to $2.074 trillion, the official said. In May, the administration had pegged this year’s deficit at $1.84 trillion. The estimate is for the fiscal year ending Sept. 30.

The administration is slated to release its review on Aug. 25, with the nonpartisan Congressional Budget Office issuing its revised budget estimate that same day. The CBO estimated in June that this year’s shortfall would total $1.825 trillion.

The official declined to say how much the administration expects the deficit for the 2010 fiscal year to total. In May, the White House’s estimate was $1.26 trillion.