Yesterday, the News and Observer practically had an
orgasm reporting the latest White House report on the federal budget
deficit. Opiates couldn’t have given the
editors at this rag such a high. They
were dancing on the clouds.
Today, the Congressional Budget Office said not so
fast. The Politico reported the
following:
Less than a week after
the White House reported this year’s deficit will be the smallest of the Obama
administration, the Congressional Budget Office said that over the long term
the budget shortfall will approach unprecedented levels.
In its annual analysis
of the government’s long-term fiscal outlook, the nonpartisan agency said
Tuesday that it expects the deficit to begin growing again in coming years, and
continue growing to levels unseen since the wake of World War II
“Deficits are projected
to rise steadily and, by 2039, to push federal debt held by the public up to a
percentage of GDP seen only once before in U.S. history [just after World War
II],” the agency said. Publicly held
debt will reach 106 percent of GDP by 2039, according to the report, compared
to the current 74 percent.
I’m sure that report
doesn’t matter to the editors at the News and Observer. They’re too busy walking on sunshine.
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