White House sees 2006 budget gap over $400 billion

[sabra]

http://www.alertnet.org/thenews/newsdesk/WBT004539.htm

White House sees 2006 budget gap over $400 billion

WASHINGTON, Jan 12 (Reuters) - The White House projected a 2006 budget deficit of more than $400 billion on Thursday and said the higher-than-expected forecast was blamed largely on costs of recovering from Hurricane Katrina.

The deputy director of the White House Office of Management and Budget, Joel Kaplan, said White House officials believed that by sticking to Bush's economic policies and spending restraint "we will return to our downward trajectory and remain on path to cut the deficit in half by 2009."

[rurallib]

1. $8,170,936,856,602.44 - current national debt

will pass $9 trillion @October 1, 2006. Well, if the pukes are going to lower the debt guess who will be bearing the brunt of the burden? Probably not the ones who Busshie is pushing to get their taxes cut.

[Massacure]

2. it will pass 9 trillion, not 9 billion.

[rurallib]

8. Corrected, thanks

[pfitz59]

3. BS!

Un-winnable war on Iraq. Mind-boggling tax-cuts for the uber-rich. Privatized federal agencies. Katrina is their excuse?

[rodeodance]

4. i blame it on the war!!

[CountAllVotes]

5. oops!

Time for another tax break for the rich! They are the ones that spend, not the poor. They are keeping our economy going! Gotta have those tax breaks for the rich so they can buy a new Mercedes Benz! :sarcasm:

:kick:

[leftchick]

6. whew, I am glad the tax cuts and war did not cause this

lying asshole MFers... :puke:

[MichiganVote]

7. $400 billion for one hurricane? Yeah right....sign me disgusted

[fasttense]

9. Gee, so glad the rich got those tax cuts.

I'm still waiting for the rich to tinkle down on me. Oh wait they have, that's why my pay isn't keeping up with inflation, that's why my medical, heat, food, gas and pension are all costing me 50% more than they did in 1999. So glad I got tinkled on by the super-rich.

[UpInArms]

10. White House projects $400 billion deficit

http://www.marketwatch.com/news/print_story.asp?print=1&guid={A61B6770-18A9-4EAD-B24C-10D03B1AE12C}&siteid=mktw

WASHINGTON (MarketWatch) - Spending on hurricane recovery and rebuilding will push probably the U.S. government deficit back above $400 billion in 2006, a White House official said Thursday.

The projected deficit would be about 3.1% of gross domestic product, up from a $341 billion estimate made last August before hurricanes devastated much of the Gulf Coast.

The 2005 deficit was $318.5 billion, down from a record $412 billion in 2004.

Joel Kaplan, deputy budget director, wouldn't provide a specific number. The White House will unveil its fiscal 2007 budget proposal on Feb. 6.

The new deficit estimate is understandable, "but it is still unacceptable," said Sen. Judd Gregg, R-N.H., chairman of the Senate Budget Committee. "We must continue to try to control the rate of growth of spending, especially in the entitlement accounts."

...more...

[Zenlitened]

11. Does this figure include Iraq spending?

:shrug:

[UpInArms]

14. I don't believe that this number would include spending in Iraq -

it is not in the budget - it has been funded through "supplemental" spending bills.

:(

[stray cat]

12. Clintons little bitty deficit looks great!

Notice the dems consistently had lower deficits than repubs.

[long_green]

13. That's right, blame Katrina for our problems

punks

[PDJane]

15. No, that spending doesn't include the war in Iraq.....

and it doesn't take into account military spending that will go towards health care for veterans.

If you factor in health care and the war in Iraq, the US is heading towards a $9 trillion deficit by the end of this year.