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ObamaNomics: CBO Says National Debt Will be 90% of GDP in 10 Years

President Obama's fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation's economic output by 2020, the Congressional Budget Office reported Thursday.

In its 2011 budget, which the White House Office of Management and Budget (OMB) released Feb. 1, the administration projected a 10-year deficit total of $8.53 trillion. After looking it over, CBO said in its final analysis, released Thursday, that the president's budget would generate a combined $9.75 trillion in deficits over the next decade.

"An additional $1.2 trillion in debt dumped on [GDP] to our children makes a huge difference," said Brian Riedl, a budget analyst at the conservative Heritage Foundation. "That represents an additional debt of $10,000 per household above and beyond the federal debt they are already carrying."

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Added: Mar-26-2010 
By: jumpingforJoy
In:
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Tags: Obamanation
Views: 5742 | Comments: 4 | Votes: 1 | Favorites: 1 | Shared: 0 | Updates: 0 | Times used in channels: 1
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  • THIS is the real crisis...it wasn't health care...it was the crazy government spending that's going to bring down our entire financial system and impoverish us all...

    FBO

    Posted Mar-26-2010 By 

    (7) | Report

  • Obamacare: The "gift" that keeps on giving **UP THE ARSE**

    Posted Mar-26-2010 By 

    (6) | Report

    • Think about it, Arnold borrowed heavy trying to get California out of a whole, look what happened, that is a microcosm of what the Federal Government has done.

      It is as if they want us all to be so piss poor broke to the point of not being able to fight against a North American Union and an Amero currency.

      We'll look at it as a life saver when it comes, mark my words.

      Posted Mar-26-2010 By 

      (2) | Report

  • More to come I'm sure...you see the new measure for struggling homeowners? I don't quite understand it, but it sounds like he wants to have lenders reduce the amount some borrowers owe on their home loans. Sounds great, but who takes the loss? Not the homeowner...could it be us footing the bill?

    Dear Mr. Proud Homeowner...we are happy to inform you that the expensive house you purchased for $200 thousand (that you really couldn't afford) is now only $100 thousand thanks to the generous peopl More..

    Posted Mar-26-2010 By 

    (4) | Report