Report paints darker deficit picture

[The Northerner]

WASHINGTON • President Barack Obama came under new pressure to address the mounting federal debt as a report Friday concluded that deficits over 10 years will be higher than administration projections and after a majority of senators urged him to take the lead on deficit reduction.

Obama, leading Democrats and Republicans all have proposed negotiations to rein in deficits, but talks over the politically combustible have yet to begin. Experts have warned that, without action, the situation could balloon into a European-style fiscal crisis.

Friday's report from the nonpartisan Congressional Budget Office amplified the worries. It said Obama's proposed 2012 budget would result in $9.5 trillion in deficits over the next decade — $2.3 trillion more than the administration projected.

White House budget director Jacob Lew said the CBO report relied on different economic assumptions and failed to credit the administration for its anticipated reductions in transportation and health costs. The Obama budget projected deficits would total $7.2 trillion over the decade.

Read more: http://www.stltoday.com/news/national/article_a9a82544-4621-5a90-ad5d-d60c3a459801.html

[tabatha]

1. This is how accurate the CBO predictions are:

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4777649&mesg_id=4777778

[Rex]

2. I predict our govt will destroy the economy by continuing to bail

out their friends in mega-big business, until our money is worthless and we can't afford a stick of butter.

[bluestateguy]

3. This is not a time to be worrying about so-called deficits

Jobs and GDP should be more important than anything else right now.

Austerity is for think tanks and newspaper editorial boards, but not the real world.

[HuckleB]

5. +1,000,000,000,000 ... 000 ... 000 !!!!!!!!!

[Bo]

4. WE HAVE BEEN LIVING ON SKY SINCE NAM

...............WHO PAYS....?