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Politics : Just the Facts, Ma'am: A Compendium of Liberal Fiction -- Ignore unavailable to you. Want to Upgrade?

To: Sully- who wrote (77216)	2/2/2010 8:45:53 PM
From: Sully-	Respond to of 90947

This fairy tale has an unhappy ending By: Chris Stirewalt Political Editor beltway-confidential 02/01/10 9:42 AM EST Wall Street Journal -- Deficit to Hit All-Time High If the economy roars to life with growth rates like the dot-com boom and Congress approves a slate of budget cuts that have been regularly and recently shot down, we’ll have the annual budget deficit down to a scant $700 billion in just a decade, before it starts rising again. The president’s budget, out today, calls for $3.8 trillion in federal spending for the next fiscal year, $1.6 trillion of which is to be borrowed, allowing the president to break his own record. Most alarming is that it’s an impossibly optimistic projection. The plan includes hundreds of billions of dollars for another stimulus package and money for other new programs. The reductions come from allowing the Bush tax cuts for families earning $250,000 or more. Writer Jonathan Weisman explains that people who are serious about their deficit concerns are alarmed by the fact that even when wearing rose-colored glasses, the White House cannot see a future without budget deficits. “Isabel Sawhill, a budget expert at the Brookings Institution, criticized the president's goal— a deficit of 3% of GDP long after the recession has ended—saying it amounted to ‘defining deficits down.’ ‘The pay-go rules will make it more difficult for Congress to dig the hole deeper but won't affect currently projected red ink; and the commission will likely be a paper tiger,’ she wrote on Friday. ‘In short, these proposals will still leave us with unsustainable deficits as far as the eye can see. It is depressing to discover that we can no longer even aspire to balance the budget once the recession is over.’ washingtonexaminer.com