Tuesday, February 8, 2011

New CBO Budget Baselines Show Permanent Trillion Dollarr Deficits

Check out this article from Heritage that shows new CBO budget baseline numbers shows that we in America, will have permanent TRILLION dollar deficits. Disgusting.

Heritage: The new Congressional Budget Office (CBO) 10-year budget baseline shows a virtually unprecedented sea of red ink. The report reveals an unprecedented $1.5 trillion deficit in fiscal year (FY) 2011—an increase of $95 billion over their last 2011 estimate.[1] This will be the third consecutive year of trillion-dollar deficits.

However, the baseline includes a number of unrealistic assumptions—assumptions that Congress requires the CBO to use—that skew the results. Once the baseline is scrubbed of these unrealistic assumptions, the more realistic baseline shows historic spending levels driving the budget deficit to $1.9 trillion by 2021. Over the next decade, deficits are projected to total $13.6 trillion.

Read more and see the numbers here

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