No gain to blame, just pain
on May 12th, 2009 at 2:34 amThe Obama administration is doing what all other Presidents have done in the past: blame the other guy. Unfortunately for Obama, the blame game is getting way too old. Truth is bubbling up through the rhetoric. From ABC News–
The director of the Congressional Budget Office today updated his projections for the budget and economic outlook and is now anticipating a $1.8 trillion deficit this year, and $1.4 trillion in 2010.
This is up from CBO director Douglas W. Elmendorf’s January 2009 projection of a $1.2 trillion deficit this year. In short, the US government is borrowing 50 cents for every dollar it spends.
The new projected deficit is four times the 2008 deficit, which was a record high for its time.
And it adds some interesting context to the $17 billion President Obama announced he would seek to cut from the $3.55 trillion budget he presented Congress last week. (read the rest)
Just another friendly reminder: You don’t jack up spending to fix a deficit.
