Tuesday, July 15, 2014

CBO Dashes White House Deficit Report







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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