Poor Dung... now what will he do?

[Cancel 2016.2]

http://www.usatoday.com/story/news/politics/2013/02/05/budget-deficit-obama/1893141/

The Congressional Budget Office analysis released Tuesday says the government will run a $845 billion deficit this year, a modest improvement compared to last year's $1.1 trillion shortfall but still enough red ink to require the government to borrow 24 cents of every dollar it spends.

So despite the 'tax the rich' hoopla... still running over $800B in deficits this year (expected)

The agency also projects that the economy will grow just 1.4% this year if $85 billion in across-the-board spending cuts take effect as scheduled March 1.

The above is what Dung will likely focus on, while ignoring the rest.

Unemployment would average 8%.

Nothing new here.

Obama wants to ease the cuts by replacing them with new tax revenue and alternative cuts, but a clash is looming with Republicans who insist that last month's tax increase on wealthier earners will be the last tax hike they permit.

lol... so in order to keep government spending, Obama wants more revenue from the people... which means they have less revenue to spend. Great plan.

The report predicts the deficit would dip to $430 billion by 2015, the lowest since the government posted a $459 billion deficit is former President George W. Bush's last year in office. That would be a relatively low 2.4% when measured against the size of the economy. But deficits would move higher after that and again reach near $1 trillion in the latter portion of the 10-year window — despite the recently enacted tax increase on family income exceeding $450,000 and automatic spending cuts of about $100 billion a year. The package of spending cuts and tax increases are punishment for Washington's failure to strike a long-term budget pact.

wow... deficits under current plans would bottom out at $430B... we should certainly spend more. 2.4% is nothing (unless of course we keep doing that for decades on end). Also good to see that the deficits will then move back higher towards the $1T mark again.

Over the coming decade, the deficit would total $7 trillion.

What is $700B per year among friends... we don't have to pay for it... our kids and grandkids do!!!

The economy will grow slowly in 2013 and more rapidly next year, with unemployment projected to stay high, according to the report. This year's growth is being hampered by a tax increase enacted in January and by automatic spending cuts scheduled to take effect this spring. CBO projects the economy will grow by just 1.4% this year but recover to 3.4% next year.

So because of spending cuts, GDP will slow, then recover??? Hmmm... so wont destroy the economy?

Unemployment is projected to stay above 7.5% through next year. That would be the sixth straight year above that level, the longest period of such high unemployment in 70 years, the report said.

At least Obama is focused on jobs... immigration and guns you say???... no no.. he told us jobs was priority number one. WTF do you mean it is not even in the top ten now? SOB (sarcasm, which will be lost on the left)

Without the government's fiscal tightening, which includes the expiration of Obama's two-year, 2 percentage point cut in payroll taxes and the imposition of the automatic spending cuts, economic growth would be about 1.5 percentage points higher this year, the report said. However, CBO warns that future growth would be constrained if the government doesn't reduce future deficits.

Dung will focus on the first sentence above, while ignoring the last one.

 

[Bonestorm]

LOL.

 

[gui1tars]

LOL.

'Zackly!!!!!!!!

 

[Cancel 2016.2]

LOL.

Not surprising that is the extent of your commentary given it was the CBO you were waiting on and now they embarrass your position.

 

[Bonestorm]

Not surprising that is the extent of your commentary given it was the CBO you were waiting on and now they embarrass your position.

What position of mine did they embarrass? You said that we would have $600 billion deficits for the foreseeable future. That's just not true.

 

[The Dude]

Wow supertool, despite all your foot stomping at getting a tax cut Obama is getting more revenue from the rich.
Not from you!