Obama Stars in New Movie: For a Trillion Dollars More
Okay, so the good news is that the Obama administration’s estimate of the 10-year deficit was wrong.
The bad news is that they were wrong and low. Two trillion dollars low.
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.
Actually, his critics say the President’s spending plans are too expensive, period but at least Reuters got most of that right. According to Mark Knoller, this estimate includes only about $600 million of the Obamacare plan, which means that if it passes, it’ll tack on a minimum of another $400 million $129.6 billion or so to that total per year. James Pethokoukis is guessing that the CBO’s estimate will raise that number even higher.
So, in just eight months, President Obama has increased government spending by almost a billion dollars a year for the next ten years.
And but me no buts about how he inherited part of this mess from President Bush. He’s the President now, the decider. If he wanted, he could put the brakes on TARP (which is run out of the Treasury Department), which is the only recent Bush spending program he’s dealing with. All the rest — Cash for Clunkers, the GM and Chrysler bailouts, the bank bailouts, the Stimulus Bill, the Omnibus Spending Bill, and Obamacare (assuming it passes) — belong to him. He signed and/or authorized them. They’re his babies.
UPDATE: Linked by the incomparable Fausta.
UPDATE 2: Edited because I confused billion with trillion. Would that we were only in the hole a billion dollars a year.
Other Posts of Interest:
- The Bailout is Now A Trillion Dollars More Expensive than World War II. The Madness Must Stop
- Obama’s Job Stimulus Deception, Illustrated
- Drunken Sailors to the House of Us! Drunken Sailors to the Senate of Us!
Category: President Barack Obama, The Economy and Your Money
You meant "two trillion", not "two billion"
You're right. Thank you for catching that.
[...] And And but me no buts about how he inherited part of this mess from President Bush. He’s the President now, the decider. If he wanted, he could put the brakes on TARP (which is run out of the Treasury Department), which is the only recent Bush spending program he’s dealing with. All the rest — Cash for Clunkers, the GM and Chrysler bailouts, the bank bailouts, the Stimulus Bill, the Omnibus Spending Bill, and Obamacare (assuming it passes) — belong to him. He signed and/or authorized them. They’re his babies. [...]