Congressional estimates show grim deficit picture

[The Northerner]

WASHINGTON — A new congressional report released on Friday says the United States' long-term fiscal woes are even worse than predicted by President Barack Obama's grim budget submission last month.

The nonpartisan Congressional Budget Office predicts that Obama's budget plans would generate deficits over the upcoming decade that would total $9.8 trillion. That's $1.2 trillion more than predicted by the administration.

The agency says its future-year predictions of tax revenues are more pessimistic than the administration's. That's because CBO projects slightly slower economic growth than the White House.

The deficit picture has turned alarmingly worse since the recession that started at the end of 2007, never dipping below 4 percent of the size of the economy over the next decade. Economists say that deficits of that size are unsustainable and could put upward pressure on interest rates, crowd out private investment in the economy and ultimately erode the nation's standard of living.

Still, the Feb. 1 White House budget plan was a largely stand-pat document that avoided difficult decisions on curbing the unsustainable growth of federal benefit programs like the Medicare health care program for the elderly and Medicaid, which provides health care to the poor and disabled.

Read more: http://www.google.com/hostednews/ap/article/ALeqM5ib3KqdpvjY_RfC7wEboQtJRC3YCQD9E8P2180

[BulletproofLandshark]

1. End the wars. n/t

[DJ13]

2. & return to pre Reagan income taxes on the top brackets

[proud patriot]

8. +1

:thumbsup:

[dysfunctional press]

4. and tax the rich.

we've been living on borrowed money ever since ronbo raygun slashed the top marginal rates.

[FiveGoodMen]

5. No fucking kidding!

It's too obvious for anyone to have missed, so it's clear that our Democratically-controlled Congress and White House are dead set against that...

...but happy to tell us all to get used to poverty.

I don't like the idea of a revolution, but increasingly, that appears to be our only chance.

[girl gone mad]

11. Not many choices left.

We can default and live with the consequences or we can severely slash budgets and raise taxes. Monetizing the debt doesn't appear to be feasible.

I am hoping for a default/forgiveness scheme. I don't think it's right to stick the kids with a bill for pointless wars, corporate welfare, bailouts for the parasitic financial sector and tax cuts that went to rich people.

[bvar22]

12. Thats the ULTIMATE "Taxation Without Representation".

Hey, I got a GREAT IDEA! :think:

We take the MONEY NOW,
and send the BILL to our children!!!

Only the most cold hearted sociopath could support or vote FOR this level of deficits.



NOW we have Your Children’s Money too !!!
And there is not a fucking thing you can do about it!
Now THIS is “Bi-Partisanship” !
Better get used to it!!
Hahahahahahahahaha!

[CrispyQ]

3. But, Cheney said deficits don't matter!

Shame, shame on the complicit media for never calling the bastard out on that. Their first question should have been, "Mr. Cheney, you ignorant fuck, do you conduct your personal finances based on that philosophy?"

[WCGreen]

6. Wonderful....

I blame Bush and the GOP...

But that was always their intent. Force the governments across the board into deficit situations to large to ignore and force a complete private for profit takeover of everything the government does now...

Look for toll roads, per incident fees from Police and Fire departments, total responsibility to everything the government does now...

[CreekDog]

7. The "article" only quoted one person, Paul Ryan R-WI

and gave him an entire paragraph.

i don't feel like being played this afternoon.

post something better next time. :hi:

[The Northerner]

9. It cited the CBO for most of the article

[Kingofalldems]

10. Thank you

It's 'Bad Things About Democrats' every single freakin day. Glad at least one person noticed.