Moderators John317 Posted March 19, 2009 Moderators Share Posted March 19, 2009 Sens. warn of budget's rising red tide David Rogers – Wed Mar 18, 7:52 pm ET With new estimates due Friday from the Congressional Budget Office, the White House is being warned to expect a grim set of deficit projections, adding well over $1 trillion on top of the red ink already conceded in President Barack Obama’s 10-year spending plan. “The CBO re-score is going to be an eye-opening event for a lot of people who want to finesse this,” New Hampshire Sen. Judd Gregg told POLITICO. “You cannot finesse the coming fiscal calamity we are facing, the size of the debt in the out years and the size of the deficit in the out years.” Gregg, the ranking Republican on the Senate Budget Committee, refused to discuss any of the CBO estimates. But behind the scenes, Senate Budget Committee Chairman Kent Conrad (D-N.D.) has begun to aggressively raise warnings with the administration and his colleagues about the data. CBO said Wednesday that it has yet to complete its formal scoring of the Obama budget. But some data, including a revised economic baseline, have been provided to Congress, and Conrad appears to be using these numbers to map out where he believes the figures will end up. In 2014, at which point the White House projects a deficit of $570 billion, it’s now expected that CBO will show a number in excess of $700 billion. Five years later, in 2019, Obama’s budget concedes that the deficit will have widened to $712 billion; Democrats expect CBO to put the number over $1 trillion. The cumulative impact could be substantial. The White House has already conceded that the Obama budget will produce deficits of about $6.9 trillion over 10 years. If the CBO projections were to add in the range of $1.5 trillion more, as some Democrats expect, that would be more than a 20 percent increase and would surely affect debate in Congress. “It is going to require adjustments,” Conrad said this week of the CBO estimates. “I think all of us have a very good sense that they will be more adverse.” Source: http://news.yahoo.com/s/politico/20090319/pl_politico/20203_1 Quote John 3:16-17 For God so loved the world, that he gave his only Son, that whoever believes in him should not perish but have eternal life. [17] For God did not send his Son into the world to condemn the world, but in order that the world might be saved through him. Link to comment Share on other sites More sharing options...
Woody Posted March 20, 2009 Share Posted March 20, 2009 I feel SO sorry for our children. Quote May we be one so that the world may be won. Christian from the cradle to the grave I believe in Hematology. Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.