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Politics : THE WHITE HOUSE -- Ignore unavailable to you. Want to Upgrade?

To: tonto who wrote (25396)	2/28/2009 1:08:20 PM
From: tonto	1 Recommendation Respond to of 25737

Obama’s Deficit Plans May Use Optimistic Forecasts (Update1) By Ryan J. Donmoyer and Roger Runningen Feb. 27 (Bloomberg) -- President Barack Obama’s promise to slash a record deficit may rely on economic-growth projections for the coming years that are too optimistic. The $3.55 trillion budget proposal for 2010 the president unveiled yesterday projects 3.2 percent economic growth next year, thanks to a $787 billion fiscal-stimulus measure he signed into law earlier this month that is aimed at creating jobs and consumer demand. That is twice the 1.5 percent growth projected by the Congressional Budget Office before the stimulus bill was enacted and higher than the 2.1 percent consensus growth estimate by analysts in the Blue Chip Economic Indicators survey. Even those projections may be too optimistic: Federal Reserve Chairman Ben S. Bernanke said this week the U.S. is suffering a “severe” contraction, and a government report today showed the economy shrank at a 6.2 percent annual rate in the fourth quarter, more than forecast.