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FRONTLINE: THE WARNING
DEFICIT NEWS Go to Deficit News Page for Archives White House predicts record $1.47 trillion deficit Wash Post July 23, 2010 “ WASHINGTON -- New estimates from the White House on Friday predict the budget deficit will reach a record $1.47 trillion this year. The government is borrowing 41 cents of every dollar it spends. That's actually a little better than the administration predicted in February.” http://www.washingtonpost.com/wp-dyn/content/article/2010/07/23/AR2010072303812.html
Automakers May Pay Off More Debt than Expected Marketplace Radio July 20, 2010 http://marketplace.publicradio.org/display/web/2010/07/20/pm-automakers-may-pay-off-more-debt-than-expected/ “Kai Ryssdal talks to reporter Justin Hyde of the Detroit Free Press about his story on how taxpayers may get more than expected back as automakers start to pay off their government loans” CONCORD COALITION: May 24, 2010 “House Considers "Extenders" Bill That Would Add $167 Billion to the Deficit Over Five Years
The extenders bill that the House will consider this week is a timely reminder of why it is important for Congress to approve a budget resolution. Such a measure continues to elude Congress, but there has been considerably less trouble reaching agreement on a bill that will add a staggering $167 billion to the deficit over 2010-2014 and a net increase of $134 billion over 2010-2020.
Some emergency spending may be necessary to provide assistance to the unemployed while the economy remains fragile, but the cost of this bill goes far beyond what is necessary and affordable -- despite $56 billion in revenue offsets.
In addition to extensions of unemployment and COBRA benefits, the bill includes funding for such things as infrastructure, aid to the states, summer jobs, agriculture disaster assistance, and the settlement of two lawsuits. While many of these items may be worthwhile, Congress must begin making some difficult choices.
These decisions should be made within the context of the broader framework that a budget resolution can provide. As lawmakers begin reviewing the extenders bill and considering amendments, The Concord Coalition urges them to pass a budget resolution before adding to the deficit. In addition, they should either add more offsets or scale back the provisions in the bill.” http://www.concordcoalition.org/washington-budget-report/268324/21-2010 CBO March 2010 Deficit Projections http://www.cbo.gov/ftpdocs/112xx/doc11231/index.cfm
CBO Estimates on Health Care Bill Impact on the Deficit http://www.cbo.gov/ftpdocs/113xx/doc11379/Manager'sAmendmenttoReconciliationProposal.pdf March 20, 2010 “Estimated Budgetary Impact of the Legislation CBO and JCT estimate that enacting both pieces of legislation—H.R. 3590 and the reconciliation proposal—would produce a net reduction in federal deficits of $143 billion over the 2010–2019period as result of changes in direct spending and revenues (see Table 1). That figure comprises $124 billion in net reductions deriving from the health care and revenue provisions and $19 billion in net reductions deriving from the education provisions. Approximately $114 billion of the total reduction would be onbudget;”
““federal budgetary commitment to health care,” a term that CBO uses to describe the sum of net federal outlays for health programs and tax preferences for health care.10 CBO estimated that H.R. 3590, as passed by the Senate, would increase the federal budgetary commitment to health care over the 2010–2019 period; the net increase in that commitment would be about $210 billion over that 10-year period. The combined effect of enacting H.R. 3590 and the reconciliation proposal would be to increase that commitment by about $390 billion over 10 years. Thus, the incremental effect of the reconciliation proposal (if H.R. 3590 had been enacted) would be to increase the federal budgetary commitment to health care by about $180 billion over the 2010–2019 period. In subsequent years, the effects of the provisions of the two bills combined that would tend to decrease the federal budgetary commitment to health care would grow faster than the effects of the provisions that would increase it. As a result, CBO expects that enacting both proposals would generate a reduction in the federal budgetary commitment to health care during the decade following the 10-year budget window—which is the same conclusion that CBO reached about H.R. 3590, as passed by the Senate.
Admin. official: Obama to appoint deficit panel By PHILIP ELLIOTT (AP) Feb 16, 2010 “WASHINGTON — Determined to have a deficit commission with or without Congress' backing, President Barack Obama plans to announce on Thursday that he is establishing a panel similar to — although weaker than_ the one lawmakers rejected. Former White House chief of staff Erskine Bowles and former Republican Senate Whip Alan Simpson would lead the panel, a senior administration official said Tuesday. The official spoke on the condition of anonymity because the president's executive order creating the National Commission on Fiscal Responsibility and Reform had not been announced.” http://www.google.com/hostednews/ap/article/ALeqM5gUda5jdroyFkM8ViO6zUVJ-Mu8ZgD9DTIHGO0 Senate rejects Obama debt commission CBO: Federal deficit projected at $1.35T By Associated Press Boston Herald Tuesday, January 26, 2010 “WASHINGTON -- The Senate today rejected a plan backed by President Barack Obama to create a bipartisan task force to tackle the federal deficit this year, despite glaring new figures showing the enormity of the red-ink threat. The special deficit panel would have attempted to produce a plan combining tax cuts and spending curbs to be voted on after the November elections. The measure went down because anti-tax Republicans joined in opposition with Democrats wary of being railroaded into cutting Social Security and Medicare. The vote to kill the deficit task force came hours after the nonpartisan Congressional Budget Office predicted a $1.35 trillion deficit for this year as the economy continues to slowly recover from the recession”. http://www.bankrate.com/finance/mortgages/how-do-i-find-the-best-rate-on-a-mortgage.aspx OBAMA 2010 BUDGET: Reuters Feb 3, 2010 Obama pushes jobs plan, but still warns on deficit “Even as he unveiled a $30 billion scheme to boost small-business lending, Obama acknowledged the need for restraint, warning that record deficits could threaten the economic recovery. "These deficits won't just burden our kids and our grandkids decades from now," Obama said in the politically competitive state of New Hampshire. "They could damage our markets now, they could drive up our interest rates now, they could jeopardize our recovery right now." ” ht.://www.reuters.com/article/idUSTRE60U00220100202?feedType=nl&feedName=ustopnewsearly&rpc=408 CBO: Federal deficit projected at $1.35T Associated Press Jan 26, 2010 By ANDREW TAYLORThe Associated Press “WASHINGTON -- The Senate on Tuesday rejected a plan backed by President Barack Obama to create a bipartisan task force to tackle the federal deficit this year, despite glaring new figures showing the enormity of the red-ink threat. ” http://www.washingtonpost.com/wp-dyn/content/article/2010/01/26/AR2010012600173.html
Concord Coalition’s Plausible Deficit January 2010
STATS U.S. Deficits / U.S. Budgets Congressional Budget Office 2000 FED SURPLUS: $236.2 BILLION* 2009 PROJECTED U.S. FEDERAL DEFICIT (CBO) Feb 2009 estimate $1,186 BILLION (1.186 TRILLION) CBO REVISED DEFICIT ESTIMATE March 20, 2009 Based on Obama Budget $1.845 Trillion (2009); $1.379 Trillion (2010) PER PRESIDENT OBAMA’S BUDGET White House Office of Management and Budget) FY 2010: $1.75 TRILLION
U.S. FEDERAL DEBT OFFICIAL US GOVT. TREASURY STATS: http://www.treasurydirect.gov/NP/BPDLogin?application=np END OF OBAMA’s FIRST YEAR: JAN 20 2010 $12,327,380,804,696. 82 END OF BUSH 43’s 2ND TERM: JAN 19 2009 $10,626,877,048,913.08 JAN 21, 2005 $7,614,468,360,651.30 END OF CLINTON’s 2ND TERM: JAN 19 2001 $5,727,776,738,304.64 JAN 21,1997 $5,310,267,076,516.85 END OF BUSH 41’s ONLY TERM: Jan 20 1993 $4,188,092,107,183.60
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Federal budget deficit sets March record as it soars to $192.3B USA Today April 10, 2009 By Martin Crutsinger, AP Economics Writer WASHINGTON — The Treasury Department said Friday that the budget deficit soared to $192.3 billion in March and is nearing $1 trillion just halfway through the budget year, largely because of mounting costs of the financial bailout and recession. Last month's deficit, a record for March, was significantly higher than the $150 billion that economists expected. The deficit already totals $956.8 billion for the first six months of the budget year, also a record for that period. The Obama administration projects the deficit for the entire year will hit $1.75 trillion. http://www.usatoday.com/money/economy/2009-04-10-march-budget-deficit_N.htm
Budget projects deficit will quadruple, jump to $1.75T USA TODAY Feb 26, 2009 WASHINGTON — Federal deficits would remain above $500 billion annually for the next decade under the budget proposed by President Obama Thursday, sending the federal debt soaring to $23 trillion by 2019. The deficit this year would jump to a record $1.75 trillion, nearly quadrupling the 2008 figure. http://www.usatoday.com/money/economy/2009-02-26-deficit_N.htm A warning for Obama on deficits Boston Globe Feb 23, 2009 http://www.boston.com/news/nation/washington/articles/2009/02/23/a_warning_for_obama_on_deficits/ Official: Obama aims to halve federal deficit USA Today Feb 22, 2009 http://www.usatoday.com/news/washington/2009-02-21-obama-deficit_N.htm?POE=click-refer WASHINGTON (AP) — President Obama wants to cut the federal deficit in half by the end of his first term, mostly by scaling back Iraq war spending, raising taxes on the wealthiest and streamlining government, an administration official said Saturday as the president worked to finalize his first budget request
ONLINE PUBLICATIONS Concord Coalition (BI-PARTISAN) Concord Coalition Says That New CBO Numbers Demonstrate The High Cost Of Abandoning PAYGO (March 20, 2009) “WASHINGTON -- With today’s release of a Congressional Budget Office (CBO) report estimating that the President’s budget would result in annual deficits averaging more than $900 billion over the next 10 years, The Concord Coalition pointed out that much of the fiscal damage would be caused by abandoning pay-as-you-go rules (PAYGO) for $2.6 trillion of policy decisions -- the largest of which would permanently extend most of the tax cuts due to expire over the next two years. “The deficit and debt numbers in today’s report are truly staggering. We cannot afford to follow the path projected for the President’s budget by CBO. Within 10 years, debt would double and interest costs would be three times higher as a share of the economy. With the baby boomers moving into their retirement years, there is no reason to believe that the numbers would not deteriorate further unless we make some very hard choices. A good place to start would be to enforce PAYGO, not just for new initiatives as the President says he will do, but for existing policies as well. If we don’t, it will be much harder to get back to a more sustainable fiscal course,” said Robert L Bixby, Executive Director of The Concord Coalition. . . .” “The biggest single proposal in the Obama budget contributing to the deterioration in the 10-year budget outlook is not spending on bailouts or stimulus or even longer-term health care reform, and not temporary tax cuts that are designed to provide immediate stimulus to the economy at only near-term cost, but rather permanent extension of most of the 2001 and 2003 tax cuts ” http://www.concordcoalition.org/press-releases/2009/0320/concord-coalition-says-new-cbo-numbers-demonstrate-high-cost-abandoning-pay Taking Back Our Fiscal Future http://www.concordcoalition.org/publications/2008/0331/taking-back-our-fiscal-future Brookings Institute (Non-Partisan): Brookings Budget Deficit Page: http://www.brookings.edu/topics/budget-deficit.aspx Taming The Deficit Peterson Foundation Peterson Institute for International Economics (NON-PARTISAN) United States As a Debtor Nation FREE ONLINE PUBLICATION (PDF)
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