Tuesday, 12 May 2009

In Passing

“Slight” change

The Wall Street Journal:

The Obama administration said Monday that it expected even wider deficits this year and next than previously forecast, and Congress could undermine the administration’s push to narrow the gap by slashing the revenue generated by the president’s plan to curb greenhouse gases.

On Monday, White House budget director Peter Orszag revised the fiscal 2009 deficit upward by $89 billion to $1.84 trillion, 12.9% of the economy.  That is a level not seen since 1945.  Next year’s deficit forecast was raised $87 billion, to $1.26 trillion.
Looks like I need to modify that chart a little bit...

Blogger note:  There were two deficit stories on Monday: This one (the White House revision), and the Congressional Budget Office making its March estimate of $1.85 trillion in 2009 and $1.4 trillion in 2010 (charted above) “official.”

Posted by: Old Grouch in In Passing at 00:06:30 GMT | Comments (2) | Add Comment
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1 Old Grouch,

So the WH admits that 2009 and 2010 will have larger deficits but still holds to the idea that 2011 will be as projected?

I think you buried the lede.

Posted by: Nom de Blog at 05/13/09 22:30:20 (fnU+z)

2 Well not exactly. They just haven’t made a “revised prediction” for 2011- yet.

I think that, at the moment, they’re whistling past the graveyard, hoping that conditions will change enough to get out of trouble.

Or they anticipate that, by 2011, everyone will have forgotten.

Or they plan to have taken total control by 2011, so it won’t matter.

Posted by: Old Grouch at 05/13/09 23:25:53 (B9AAG)

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