White House Revising Deficit numbers

[Magox]

Yet another miscalculation from the White House. What the hell, they were only off by $2 Trillion.

 

http://www.politico.com/news/stories/0809/26352.html

 

The White House is likely to dramatically increase its projected 10-year budget deficit estimate next week by nearly $2 trillion, senior administration officials said Friday.

 

 

Obama administration officials have concluded the economy was much worse last year — and tax revenues much lower — than they had initially assumed, which means that the estimated budget deficit will increase from $7 trillion to about $9 trillion over the coming decade.

 

 

The planned revision was first reported by Reuters, and White House officials confirmed that account for POLITICO.

 

 

There’s no doubt the revision will be interpreted as bad news for an administration whose deficit spending has emerged as a political Achilles' heel.

 

 

Already, Republicans have been gaining political traction by accusing Obama of budget-busting spending.

 

 

Earlier in the week, even billionaire investor Warren Buffett — a political supporter of Obama — wrote in an op-ed that massive spending leaves the nation in “uncharted fiscal territory.” Still, echoing the Obama line, he said stimulus spending is necessary in the short term, but that the government must take aggressive steps to curtail spending after the economy begins to grow again.

 

 

That’s why any worsening of the deficit forecast is likely to be seen as bad news inside the White House. The timing of the story’s release fits a classic Washington media strategy of dumping bad news late on Fridays, as voters are less likely to hear about news that breaks on Friday nights and appears on a Saturday.

[DC Tom]

Quick, someone find another industry to demonize over wasteful spending on corporate retreats!

[Nanker]

Quick, someone find another industry to demonize over wasteful spending on corporate retreats!

 

The vacation industry. That's it - the vacation industry.

In these hard times, no one should take a vacation.

It's down right un-American not to suffer.

We need to learn how to love to suffer, you know - like the Russians do.

[IDBillzFan]

Quick, someone find another industry to demonize over wasteful spending on corporate retreats!

It's more likely Biden will hold a press conference this weekend to announce that the WH regrets that it miscalculated the size of the deficit it inherited.

[DC Tom]

The vacation industry. That's it - the vacation industry.

In these hard times, no one should take a vacation.

It's down right un-American not to suffer.

We need to learn how to love to suffer, you know - like the Russians do.

 

No, corporate executives and the rich shouldn't take vacations. Vacations are only for the American people.

[IDBillzFan]

No, corporate executives and the rich shouldn't take vacations. Vacations are only for the American people.

Preferably in an affordable place...like Martha's Vineyard.

[DC Tom]

Preferably in an affordable place...like Martha's Vineyard.

 

It's not like he's got his own private ranch to vacation at, though.

 

And he's not actually on vacation. The Messiah would never be so irresponsible as to take a vacation and leave things undone, like "some" recent presidents. Going to Martha's Vineyard with the health care bill unpassed? Clearly, he's engaged in a lengthy conference with Ted at the Kennedy compound.

[/dev/null]

And he's not actually on vacation. The Messiah would never be so irresponsible as to take a vacation and leave things undone, like "some" recent presidents. Going to Martha's Vineyard with the health care bill unpassed? Clearly, he's engaged in a lengthy conference with Ted at the Kennedy compound.

 

Of course it's a working vacation. He took TOTUS with him...

http://baracksteleprompter.blogspot.com/20...8/vacation.html

[The Poojer]

that has already been stated

 

"The new forecasts are based on new data that reflect how severe the economic downturn was in the late fall of last year and the winter of this year," said the administration official, who is familiar with the budget mid-session review that is slated to be released next week.

 

"Our budget projections are now in line with the spring and summer projections that the Congressional Budget Office put out."

 

It's more likely Biden will hold a press conference this weekend to announce that the WH regrets that it miscalculated the size of the deficit it inherited.

[IDBillzFan]

that has already been stated

I'd laugh, if it weren't so embarrassingly predictable.

[The Poojer]

yup!

 

I'd laugh, if it weren't so embarrassingly predictable.

[Magox]

Looks like more miscalculations from the W.H

 

http://www.bloomberg.com/apps/news?pid=206...id=aNaqecavD9ek

 

Obama Increases 2010 Deficit Forecast 19% to $1.50 Trillion

 

 

Aug. 25 (Bloomberg) -- U.S. unemployment will surge to 10 percent this year and the budget deficit will widen to $1.5 trillion next year, reflecting a “deeper recession” than previously expected, White House budget chief Peter Orszag said.

 

The Office of Management and Budget also forecasts that the U.S. economy will shrink 2.8 percent this year, worse than the 1.2 percent contraction the OMB projected in May. For next year, the budget office said the gross domestic product will grow 2.0 percent, less than the 3.2 percent expected in May. By 2011, the economy would be well on its way to recovery, growing at a 3.8 percent annual rate, according to the administration’s mid-year economic review, released this morning.

 

The budget shortfall for 2010 will mark the second straight year of trillion-dollar deficits. The projected deficit for the fiscal year that begins Oct. 1 is higher than the $1.26 trillion forecast in May and reflects expectations economic growth will be slower this year and next because of “the severity of the crisis in the U.S. and in our trading partners,” said Christina Romer, White House chief economist, who along with Orszag briefed reporters on the report.

 

The deficit and unemployment numbers may weigh down President Barack Obama’s drive for his top domestic priority, overhauling the U.S. health care system.

 

‘Bad, Bad Shape’

 

“It throws a wrench in health-care reforms,” Maya MacGuineas, president of the bipartisan Committee for a Responsible Federal Budget, said in an interview before the report was released. “No matter the specific numbers, they’re a constant reminder that we’re in bad, bad shape.”

 

3.8% GDP recovery for 2011

 

Haaaaaa

 

That will be another one that will be revised down. I wonder if that Kool Aid is still tasting the same?

[IDBillzFan]

3.8% GDP recovery for 2011

 

Haaaaaa

 

That will be another one that will be revised down. I wonder if that Kool Aid is still tasting the same?

Two trillion added to the deficit. Poll numbers nosediving. 10% unemployment, a recession that is "deeper" than expected, and to add to the fun, opponents to a health care are the new "neanderthals" (M. Waters) who are "undermining the country." (H. Dean)

 

If we've learned anything in the last six months, people, it's that this is the perfect time for another czar, a Biden gaffe, a dig at Palin, a shot at Cheney, an ice cold beer, a prime time press conference and the spending of another trillion dollars on a health care plan that has no plan...because nothing will get you out of debt faster than spending more money.

 

But the good news is, it's only been seven months, so let's not be too quick to judge, okay? We have to give this time to flush out.

[DC Tom]

Two trillion added to the deficit. Poll numbers nosediving. 10% unemployment, a recession that is "deeper" than expected, and to add to the fun, opponents to a health care are the new "neanderthals" (M. Waters) who are "undermining the country." (H. Dean)

 

If we've learned anything in the last six months, people, it's that this is the perfect time for another czar, a Biden gaffe, a dig at Palin, a shot at Cheney, an ice cold beer, a prime time press conference and the spending of another trillion dollars on a health care plan that has no plan...because nothing will get you out of debt faster than spending more money.

 

But the good news is, it's only been seven months, so let's not be too quick to judge, okay? We have to give this time to flush out.

 

What's wrong with an ice cold beer?

[PearlHowardman]

Incompetence, thy name is Barack H. Obama (D)!