CNN: Analysts say deficit will hit $2.29 trillion in 10 years

[stopbush]

Congress' deficit forecast worsens
Analysts say deficit will hit $2.29 trillion in 10 years; earlier forecast was $2.01 trillion.
September 7, 2004: 12:25 PM EDT

WASHINGTON (Reuters) - The U.S. budget deficit will balloon to $2.29 trillion over the next decade, congressional analysts said Tuesday. This represents a worse outlook than previously forecast and one likely to stir election-year debate about President Bush's economic policies.

The forecast from the nonpartisan Congressional Budget Office compares to its March outlook for a cumulative deficit of $2.01 trillion for the 2005-2014 period, if current economic policies stay the same.

"The outlook in terms of the deficits in 2004 and 2005 has improved, but the projection of the cumulative deficit over the 2005-2014 period has worsened," the CBO said in a summer update of its budget outlook.

http://money.cnn.com/2004/09/07/news/economy/congress_deficit.reut/index.htm?cnn=yes

[Catfight]

1. Building a better tomorrow for our children! I love it. n/t

[The_Casual_Observer]

2. The "base" couldn't care less about this

as long as it doesn't get in the way of the current butcher job going on in the economy. They are in the process of clear cutting and strip mining the economic forest with absolutely no interest in the destruction that is left in their wake.

[stopbush]

3. If you made $100,000 per year and applied all of it to the deficit

it would take you 23 MILLION years to pay it off...before interest.

[Inland]

4. The outlook for just about everything and everyone has worsened,

why should the deficit be any different? Why not just have a headline saying, "Bush cronies get rich, everyone else sucks it up?" and repeat it every day?

[papau]

5. English lesson for CNN - Deficit will grow 2.3 Trillion! - not be at 2.3 T

But the more interesting point is that the CBO assumed the child deduction to 1000 extension being done this year does not pass!

Can we say understated deficit projection?

sigh .....

:-)

[Inland]

6. I think they should say "deficit spending increase by a total of 2.3T,

thanks to Bush's policies, over the next ten years". Then we can point out that it is an increase of ONLY that because Bush's reallly stupid schemes have been thwarted by Congress, so far.

Amazing, isn't it, that we rely on congresscritters to hold the line on deficits?

[Centre_Left]

7. Fortunately...

...the laws of economics tend to eventually put deficits in their place. The only question is how much ordinary people have to suffer before the government finally makes the commitment to restore some level of fiscal sanity (i.e., Brazil).

[phantom power]

8. I'd think people would stop lending us money before it got that high

The U.S. "credit rating" is already suffering from the last 3 years of deficit spending.

We're either going to have a national economic "come-to-Jesus" moment sometime in the next few years, or we're headed for collapse.

[Viking12]

9. "The Birth Tax"

Each child born in the next decade will incur tens of thousands in national debt.