The Obama administration on Tuesday increased its 10-year budget deficit projection to more than $9 trillion, an increase of about $2 trillion that is blamed on the bleak fiscal picture and the practices of the previous administration.
The mid-year review from the Office of Management and Budget was packed with grim economic forecasts.
The report showed the public debt doubling by 2019 and reaching three-quarters the size of the entire national economy. And Obama economic adviser Christina Romer predicted unemployment could reach 10 percent this year and begin a slow decline next year.
In a glimmer of better-than-expected news, the report projected the 2009 deficit will be $1.58 trillion, which is $262 billion less than officials predicted earlier in the year.
The administration said the figure was reduced in large part because it is providing less aid than expected to Wall Street.
But this year's projected deficit is still three times more than last year's deficit.
Though the Obama administration was at the forefront of a $787 billion economic stimulus package and is pushing passage of a costly health care reform package, the administration said in a summary that the "failure" of past administrations to follow pay-as-you-go rules is causing much of the fiscal mess.
The summary claimed $5 trillion of the long-term deficit is attributable to the Bush administration's "failure" to follow that standard. - FOX News Story
Obama in his typical "don't blame me" attitude blames much of the $9-Trillion growth on Bush.
Well, if he has only been in office 7 Months and his part of that $9-Trillion almost equals the $5-Trillion he is blaming on Bush. So who is the real idiot here? Not to mention the continued deficit spending that he is pushing with the Health Care Reform, Cap and Trade, etc....
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