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Politics : American Presidential Politics and foreign affairs -- Ignore unavailable to you. Want to Upgrade?

To: sandintoes who wrote (34291)	3/25/2009 5:05:31 PM
From: TimF	Read Replies (2) \| Respond to of 71588

Obama Budget Projects Never Ending Rise In National Debt Posted by Mark Knoller Despite the budget cuts and tax increases in the Administration’s new budget plan, federal spending and indebtedness will continue to rise as far as the eye can see. The federal deficit this year spikes to $1.75-trillion dollars – by far the largest in U.S. history. In fact, the deficit this year is larger than the entire federal budget just ten years ago when all government outlays amounted to $1.70-trillion. The new budget reflects President Obama’s commitment to cut the annual federal deficit in half by the end of his term in office. Starting next year, the yearly deficit is projected to decrease from $1.1-trillion to $533-billion in the year 2013. But – if you check the very last chart in the budget book, it shows the National Debt continuing to soar year after year after year. As of today, it’s $10.8-trillion. The administration projects it’ll climb to $14-trillion next year and in 2013 wind up at $17.1-trillion dollars – very close to matching the size of the entire economy as measured by the projected Gross Domestic Product. And taxpayers will be paying hundreds of billions in interest on the debt each year. The budget, which carries the title “A New Era of Responsibility,” shows that at the end of ten years, the National Debt will hit $23.1-trillion dollars – exactly matching the GDP that year... cbsnews.com Audacity without veracity Russell Roberts cafehayek.com