White House deficit estimate goes up by two trillion
Proving that Friday's are usually the best days for "real" news from DC (because fewer people are paying attention), the White House released its updated estimate of just how much further in the red Obama's spending plans will put the country over the next ten years. The number is staggering...but really just an admission that everyone else was right a few months ago when they said Obama was being way too optimistic about the fiscal impact of his policies.
From the Washington Post:
And you wonder why the Chinese laughed when our Treasury Secretary told them that their investment in our debt was secure?
The nation would be forced to borrow more than $9 trillion over the next decade under President Obama's policies, the White House acknowledged late Friday, bringing their long-term budget forecast in line with independent estimates.
The new projections add approximately $2 trillion to budget deficits through 2019. Earlier this year, the administration had predicted that Obama's policies would require the government to spend $7.108 trillion more than it collects in tax revenue over the next decade.
And of course, they released this little tidbit on Friday...the day before he skipped town to go on vacation.
Nothing to see here...move along.