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Reuters: White House to paint grim fiscal picture


SnyderShrugged

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http://www.reuters.com/article/idUSTRE60U1PZ20100131

WASHINGTON (Reuters) - The White House will predict a record budget deficit in the current fiscal year and more big shortfalls for the next decade in its upcoming budget proposal, a congressional source told Reuters on Sunday.

In its budget proposal to be released on Monday, the White House predicts a record $1.6 trillion budget deficit for the fiscal year that ends September 30, the Capitol Hill source said.

According to the estimate, deficits will narrow to $700 billion by fiscal 2013 before gradually rising back to $1.0 trillion by the end of the decade, the source said.

President Barack Obama will seek to strike a balance between reducing the deficit over the long term and stimulating the economy in the short term to ease the pain of double-digit unemployment.

Criticized by Republicans as a big spender, Obama used his State of the Union address last week to tell Americans he would dig the country out of a "massive fiscal hole."

That hole is even deeper than previously believed, according to the estimate by the White House's Office of Management and Budget.

The estimate for the current fiscal year is significantly higher than the $1.35 trillion figure forecast by the nonpartisan Congressional Budget Office last week.

Despite the difference, both estimates indicate that the deficit will continue to hover at a level not seen since World War Two, when measured as a percentage of the economy. Last year the government posted a $1.4 trillion deficit.

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President Barack Obama will seek to strike a balance between reducing the deficit over the long term and stimulating the economy in the short term to ease the pain of double-digit unemployment.

That's what did Hoover in. And he was one of the most respected and brilliant economic minds of his time.

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I think it's time to drop the liberal agenda,ie healthcare reform, and get to real tested plans to solves these problems.

He's spending billions to purchase the new prison in Iowa or Idaho for the gitmo detainees. So we spent millions getting gitmo up to speed and he wants to close it and spend even more buying ANOTHER facility to house these terrorists :doh:

It's stupid idealogical stuff like this that makes him look....I mean makes him incompatant.

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