Good news: Obama hikes 10-year deficit projection from $7 trillion to $9 trillion

posted at 6:23 pm on August 21, 2009 by Allahpundit

A late Friday afternoon candygram from the White House to help you get the weekend started right. And to think, China’s starting to doubt that American debt is a smart investment.

It’s a good thing our massive new health-care bureaucracy’s going to be deficit-neutral. Imagine how much higher this number would be if it wasn’t.

The Obama administration will raise its 10-year budget deficit projection to roughly $9 trillion from $7.108 trillion in a report next week, a senior administration official told Reuters on Friday.

“The new forecasts are based on new data that reflect how severe the economic downturn was in the late fall of last year and the winter of this year,” said the official, who is familiar with the plans.

“Our budget projections are now in line with the spring and summer projections that the Congressional Budget Office put out.”

The CBO said in June that deficits between 2010 and 2019 would total $9.1 trillion.

This would be the same CBO that’s been warning us for months that ObamaCare will be a massive boondoggle. (And even CBO might be lowballing it.) I wonder: How many economic projections has Team Barry utterly cocked up so far? Is anyone keeping a list? Off the top of my head, there’s this one, the infamous guesstimate that the stimulus would keep unemployment under eight percent, and the Cash for Clunkers funding that was supposed to last three months and ran out in a week. In these capable hands does the financial viability of universal health care rest. Exit question: Is this the stake in the heart of ObamaCare? One of the main reasons The One’s polling is deteriorating is public skittishness about deficits. Suddenly, in one fell swoop, the problem’s fully 30% worse than the White House thought, which all but destroys the credibility of their health-care projections going forward. (Not that they had much credibility to begin with.) It’s time to walk away, Blue Dogs.

Update: Sounds like he dumped this almost literally as he walking out the door for his 10-day summer vacation. Unbelievable.


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This is the mother of all Friday afternoon info dumps.

BadgerHawk on August 21, 2009 at 6:23 PM

Since his whole plan is to bankrupt America and make us all dependent on him, he’s doing a helluva job.

bbz123 on August 21, 2009 at 6:24 PM

Sweet!

Firebird on August 21, 2009 at 6:24 PM

Its all paper to them, debt to us. You know I just heard about the american family cutting down on its credit card debt and increasing its saving for the first time in years. Too bad the president is going to wipe out these gains through his hyper-inflationary policies. I think a Judd Gregg Banana Republic link would be a nice touch.

rob verdi on August 21, 2009 at 6:25 PM

This was so unexpected.

backwoods conservative on August 21, 2009 at 6:25 PM

It’s time to walk away, Blue Dogs.

Run, blue dogs, run!

farright on August 21, 2009 at 6:26 PM

I still can’t get over the Dems accepting this kind of debt forecast, and I mean average people and not politicians. They were screaming in the 80s about a hundred billion and now we’re pushing that by a factor of 100. These people have got to know this level of debt can’t be sustained.

Liam on August 21, 2009 at 6:26 PM

Amazing. Off by 2 trill. So,er, about that “no taxes on those making under 250″ thang. Is that still a go?

Weight of Glory on August 21, 2009 at 6:26 PM

One of the main reasons The One’s polling is deteriorating is public skittishness about deficits.

One of the first headline threads this morning showed only 52% disapproving of his handling of the deficit. Some reeeeally uninformed voters out there.

BadgerHawk on August 21, 2009 at 6:27 PM

Remember the nostalgic days when wasting a billion was big news? Today: mere monopoly money.

mwbri on August 21, 2009 at 6:27 PM

Only 9?

Geez why not 20 and totally starve us all as one Nation.

upinak on August 21, 2009 at 6:27 PM

Yea but the economy is doing so well! /

ConservativeJawa on August 21, 2009 at 6:28 PM

I just wee weed.

Mark1971 on August 21, 2009 at 6:28 PM

Friday afternoon going on vacation news dump.
What can be done about this horrible economic news?
I predict glistening man pecs.

MayBee on August 21, 2009 at 6:28 PM

Bloody Monday for stocks?

Weight of Glory on August 21, 2009 at 6:28 PM

I thought the Drudge page was just hilarious. In big red letters he has a headline:

OBAMA HIKES 10-YEAR DEFICIT TO $9 TRILLION

Then, just above to the right he has a little pic of Pres. Obama and a small headline:

President leaves Washington for summer vacation…

Who says you can’t editorialize with headlines and story placement?

Blaise on August 21, 2009 at 6:28 PM

I bet Dear Leader would say…right on track.

d1carter on August 21, 2009 at 6:29 PM

In the Magical Mystical Hermetically-Sealed Universe Of B.O. and his Democrat playmates, debt is our friend.

pilamaye on August 21, 2009 at 6:29 PM

Gird your wee-weed! We are in for one hell of a ride.

farright on August 21, 2009 at 6:29 PM

“We didn’t know how bad things were last fall.”

How much longer is that going to play?

Peri Winkle on August 21, 2009 at 6:29 PM

The Obama administration has saved or created trillions of dollars in deficit spending.

backwoods conservative on August 21, 2009 at 6:29 PM

One of the Democrats’ major bashing points against Bush was the deficit, which took 8 years and two wars. But here we have Obama, who more than tripled the deficit in a few months…and lookey, it’s growing by 2 trillion projected as we speak. Which of course means more like 5 trillion in reality.

And nary a peep from those same lefties who decried Bush’s deficit spending.

JetBoy on August 21, 2009 at 6:29 PM

Will someone, who’s really smart about economics, please explain to me how inflation is still so low?

Weight of Glory on August 21, 2009 at 6:29 PM

Yet another reason to have crammed health care down our throats without any debate.

Huge amount of friday dump before Obumbler goes on a well deserved vacation.

jukin on August 21, 2009 at 6:30 PM

How many economic projections has Team Barry utterly cocked up so far?

What exactly does cocked up mean?

Is that similar to wee weed?

Is it still better to be wee weed off, or wee weed on?

Is it still better to have hillary on the inside of the tent we weeing out, that on the outside we weeing in?

I’m just trying to get a load of this new jive yo.

ted c on August 21, 2009 at 6:30 PM

“Our budget projections are now in line with the spring and summer projections that the Congressional Budget Office put out.”

And the next CBO projection will probably be even worse.

Mark1971 on August 21, 2009 at 6:30 PM

Obama’s Marxism is going to destroy this country.

and here is how he’s funding it;

http://market-ticker.org/archives/1356-Treasury-Insanity-In-Support-Of-Grift.html

until he can’t.

elduende on August 21, 2009 at 6:30 PM

I predict glistening man pecs.

MayBee on August 21, 2009 at 6:28 PM

and MO in a bikini

farright on August 21, 2009 at 6:30 PM

We’re on the road to recovery!!!!1!!eleventy!

PBoilermaker on August 21, 2009 at 6:31 PM

But will we get pics of him shirtless on the beach?

capejasmine on August 21, 2009 at 6:32 PM

I CAN’T believe they’re trying to blame this on Bush by saying that the deficit numbers are due to LAST YEAR’s bad paperwork but they’ve got it all figured out now, conveniently skipping the 2 TRILLION they added to the deficit last spring…

And how much were they off by?

2 Trillion.

Hmmmmmm..

(BTW, if Glenn Beck isn’t really on vacation but on forced hiatus by Fox because of the “heat”, what are we to make of Obama running for the hills for his “vacation” today?)

Skywise on August 21, 2009 at 6:32 PM

Help.

artist on August 21, 2009 at 6:32 PM

farright on August 21, 2009 at 6:30 PM

* dies *

ConservativeJawa on August 21, 2009 at 6:32 PM

Remember this is after taking 250 billion out. A TWO TRILLION dollar deficit would kill health care.

Only one conclusion, the deficit is racist!

jukin on August 21, 2009 at 6:32 PM

So that means it’s really probably around 15 or 20 trillion.

JellyToast on August 21, 2009 at 6:32 PM

Also: At least 3 banks have failed today. BNO News is actually calling it “Bank Fail Friday”.

amerpundit on August 21, 2009 at 6:32 PM

Yes, but as Obama explained, it’s all Bush’s fault…

AUINSC on August 21, 2009 at 6:32 PM

Awesome. Thanks again, jack@ass.

I guess Monday morning I’ll go down and take all of my money out of the bank. I’ll need something to burn this winter for heat.

JoeinTX on August 21, 2009 at 6:32 PM

Peri Winkle on August 21, 2009 at 6:29 PM

Oh, I think that horse is dead. The blame Bush meme is now the mill stone around their necks.

Weight of Glory on August 21, 2009 at 6:32 PM

Obama leaves Washington for 10-day vacation

AP

artist on August 21, 2009 at 6:32 PM

Expect the stock market to go up while he is on vacation…

ajacksonian on August 21, 2009 at 6:32 PM

He is collapsing our economy. With the sh*t storm of cap-and-tax and health care coming, our nation will be in worse shape than the Great Depression.
I think the deficit is even larger than Obama’s “projection.”

Time for you Glenn Beck haters to give him a second look.

cubachi on August 21, 2009 at 6:32 PM

and MO in a bikini

farright on August 21, 2009 at 6:30 PM

SCREAMS… NOOOOOO VISUAL@

upinak on August 21, 2009 at 6:33 PM

I predict glistening man pecs.

MayBee on August 21, 2009 at 6:28 PM
and MO in a bikini

farright on August 21, 2009 at 6:30 PM

They could go the Sports Illustrated Route and instead of glistening man pecs go with the “Chiseled Polygons” label they gave to Tim Tebow. Clearly I’m no longer in SI’s target audience.

rihar on August 21, 2009 at 6:33 PM

His Motto probably is:

Go Big or Go Home…

He thinks it’s time to go BIG…..

I think it’s time for him to go HOME!!!!

WyoMike on August 21, 2009 at 6:33 PM

‘ok, good, we got that out……..Hey, did you get my tee times all lined up?’ – BHO

tatersalad on August 21, 2009 at 6:33 PM

The mid-term elections in 2010 can’t get here fast enough… The first casualty must be Speaker Meme… If the Dems lose the majority in the House, she’ll resign because there is NO WAY she’ll ever just be “another Congresswoman”…

Khun Joe on August 21, 2009 at 6:33 PM

And the next CBO projection will probably be even worse.

Mark1971 on August 21, 2009 at 6:30 PM

Indeed.

Weight of Glory on August 21, 2009 at 6:33 PM

233 years of a great nation. Shot to hell in less than a year.

capejasmine on August 21, 2009 at 6:34 PM

These numbers are terrifying, or should be to sane people.

I mean for Chrisake, if they do not get a handle on this we will be Argentina. Why pursue new programs when you can not pay for the old ones.

Terrye on August 21, 2009 at 6:34 PM

and MO in a bikini

farright on August 21, 2009 at 6:30 PM

… and I am all for Mo in a BURKINI!!

Khun Joe on August 21, 2009 at 6:35 PM

Trillion here, trillion there. What’s that big deal?

Rod on August 21, 2009 at 6:35 PM

Exit question: Is this the stake in the heart of ObamaCare?

It damn well better be.

Yakko77 on August 21, 2009 at 6:35 PM

Sunday talk shows should be interesting. Will they actually have the balls to blame it all on Bush?

a capella on August 21, 2009 at 6:36 PM

Friday afternoon as Obama heads for a 10-day vacation they slip out the $9 trillion bomb.

Then you add another $11 trillion in public debt which brings it to $20 trillion. At 5% interest per year that equals $1 Trillion out of the budget just to pay the annual interest on the debt.

Obama`s salvation to us all – hyperinflation coming to America! Where $1 Billion gets you a loaf of bread…and a $20 trillion dollar debt is just equal to the down payment on a repossessed Clunker Car…

albill on August 21, 2009 at 6:36 PM

I love the smell of a troll free thread.

Knucklehead on August 21, 2009 at 6:36 PM

…and whose the deficit Czar?

jbh45 on August 21, 2009 at 6:37 PM

Robert Mugabe watches and chortles.

a capella on August 21, 2009 at 6:37 PM

Another $2 trillion on the bonfire of obama’s vanities.

and i just heard Ed Shultz on MSNBC wonder why we don’t extend ‘cash for clunkers’ “indeffinetly”. As in, for ever.

to which I say…why not? 82% of the cars being turned in are US clunkers and 73% of the new cars purchased are imports.

let’s get the total destruction of America done and over with so that the survivors can start over

DrW on August 21, 2009 at 6:38 PM

Let me be clear, we inherited this deficit, but we’re going to cut it in half, by increasing it.

El_Terrible on August 21, 2009 at 6:39 PM

He’s on pace to add more to the deficit than every single President before him, combined.

Side Note: I need some trolls to show up and tell me how this isn’t really all that bad.

BadgerHawk on August 21, 2009 at 6:39 PM

Our ENTIRE Fed gov’t is on vacation.

They’ve destroyed the country and left town.

artist on August 21, 2009 at 6:39 PM

let’s get the total destruction of America done and over with so that the survivors can start over

DrW on August 21, 2009 at 6:38 PM

I don’t feel the need to take care of the survivors. Do you?

upinak on August 21, 2009 at 6:39 PM

BO was against the deficit before he was for it….

jbh45 on August 21, 2009 at 6:40 PM

Heckva job Barry….

Oil Can on August 21, 2009 at 6:40 PM

Update: Sounds like he dumped this almost literally as he walking out the door for his 10-day summer vacation. Unbelievable.

Really? You have trouble believing this? “Dispicable”, yes, but quite believable. Have you been paying attention the past 7 months?

Anyway…

“Let me be clear…. uh… uh…. what we have always said…. uh… we inherited this… uh… so don’t do a lot of talkin’ you unamerican thug mobs brandishing swastikas at your evil mongering astroturf kkk Nazi astroturf events!”

RightWinged on August 21, 2009 at 6:40 PM

WyoMike on August 21, 2009 at 6:33 PM

????

Hmmmmmm……

BigWyo on August 21, 2009 at 6:41 PM

I wonder: How many economic projections has Team Barry utterly cocked up so far? Is anyone keeping a list?

Oh yea, I have a big a$$ list.
Here is one contribution before I go out:

(via Instapundit)
Has Mortgage Modification failed?
http://baselinescenario.com/2009/08/20/has-mortgage-modification-failed/

Obama’s mortgage modification plan, HAMP (Home Afforable Modification Program), isn’t working very well. Designed to help prevent foreclosures by incentivizing and giving legal protection to previously indifferent middle-men servicers it isn’t producing anywhere near the number of modifications that were anticipated. Is it likely to work in the future? My guess is no. Let’s discuss some reasons why.

Very eye opening article.

“Yes We Can!!!!”

Baxter Greene on August 21, 2009 at 6:41 PM

BadgerHawk on August 21, 2009 at 6:39 PM

here I will act a troll for you….

But with the influx of money into the united states, the jobs are coming in as fast as you can scopp them up and obama DID say he was “helping”. Oh boy, I can’t wait for my FREE health care.

I think I am going to go throw up now.

upinak on August 21, 2009 at 6:41 PM

A trillion here a trillion there a trillion or 2 for Obamacare .Real soon we are talking about real money.God help us .I don,t know if the country can last until 2010?

thmcbb on August 21, 2009 at 6:41 PM

“I don’t want the people who made the mess to talk! It’s Bush’s fault! But let me be clear, I’m the President and the buck stops with me! But Bush did it.”

Weight of Glory on August 21, 2009 at 6:41 PM

It’s Silence of the Trolls here on this.

Not even a lame-o “Bush had deficits too and you never complained.”

Lily on August 21, 2009 at 6:41 PM

The current trend is more likely 15-20 trillion the next years if things do not change. Scary.

mwbri on August 21, 2009 at 6:42 PM

Update: Sounds like he dumped this almost literally as he walking out the door for his 10-day summer vacation. Unbelievable.

Just as long as he takes MO and those shorts with him…

ConservativeJawa on August 21, 2009 at 6:42 PM

It’s Silence of the Trolls here on this.
Lily on August 21, 2009 at 6:41 PM

Panty-waste pansies.

jbh45 on August 21, 2009 at 6:43 PM

BadgerHawk on August 21, 2009 at 6:39 PM

Let me fill in, okay?

It isn’t bad. Bush ran up deficits, too.

I hope that helped.

Liam on August 21, 2009 at 6:43 PM

Amazing. Off by 2 trill. So,er, about that “no taxes on those making under $250.00″ thang. Is that still a go?

Weight of Glory on August 21, 2009 at 6:26 PM

Couple quick edits there… okay — all signs are go!

Ferris on August 21, 2009 at 6:43 PM

Can you apply treason by-way-of “gross incompetence” for his impeachment?

JoeinTX on August 21, 2009 at 6:43 PM

Obama sucks.

He really, really…………sucks………

guitarguy on August 21, 2009 at 6:43 PM

It’s getting to be that Friday is the only hard news day for politicians – so much is said late afternoon on Fridays… Not all of it good mind you… but news nonetheless…

IntheNet on August 21, 2009 at 6:44 PM

Exit question: Is this the stake in the heart of ObamaCare?

I hope this will finish off the beast but think that BO and company are going to go down with the ship fighting for it.

farright on August 21, 2009 at 6:44 PM

Update: Sounds like he dumped this almost literally as he walking out the door for his 10-day summer vacation. Unbelievable.

He’s earned it! It’s hard work destroying a country as prosperous and successful as the US.

AUINSC on August 21, 2009 at 6:44 PM

Liam on August 21, 2009 at 6:43 PM

Or how about the stupidliberal4eva line “I don’t care”.

jbh45 on August 21, 2009 at 6:44 PM

I haz unicorns at my vacation spot on Martha’s Vineyard!

TexasJew on August 21, 2009 at 6:44 PM

capejasmine on August 21, 2009 at 6:34 PM

I’m starting to get the attitude, like hell on my watch. The the Republic, and it’s values, will not fall. I don’t want to be the generation that let’s this happen. The fight is only beginning.

Oil Can on August 21, 2009 at 6:45 PM

I have now lost my appetite for dinner. 9 trillion? That is just sick.

myrenovations on August 21, 2009 at 6:45 PM

the next years=the next 10 years

mwbri on August 21, 2009 at 6:45 PM

I haz unicorns at my vacation spot on Martha’s Vineyard!

TexasJew on August 21, 2009 at 6:44 PM

are they drilling for renewable resources?

upinak on August 21, 2009 at 6:45 PM

Barack H. Mugabe

BPD on August 21, 2009 at 6:45 PM

jbh45 on August 21, 2009 at 6:44 PM

Sure! I don’t care.

About liberals’ opinions, that is.

Liam on August 21, 2009 at 6:45 PM

Will someone, who’s really smart about economics, please explain to me how inflation is still so low?

Weight of Glory on August 21, 2009 at 6:29 PM

the whole answer could take all of Ed and AP’s bandwidth, but let’s start here:

1. hard to raise prices when demand is down.
2. cost of goods has fallen this year, especially oil
3. consumer spending is very low
4. home prices have fallen lowering cost of living
5. we are in more of a deflationary spiral than an inflationary one which will change when the chinese start demanding a higher return on their purchase of our debt.

DrW on August 21, 2009 at 6:45 PM

I need some trolls to show up and tell me how this isn’t really all that bad.

BadgerHawk on August 21, 2009 at 6:39 PM

It was all Bushies fault don’t ya know.

jwp1964 on August 21, 2009 at 6:46 PM

“Sounds like he dumped this almost literally as he walking out the door for his 10-day summer vacation. Unbelievable.”

You know he took a big stinking dump in the White House before he left, and didn’t flush it…….

……… just got up, and walked away, leaving it for ‘staff’ to clean up.

You know he did……..

Seven Percent Solution on August 21, 2009 at 6:46 PM

It’s Silence of the Trolls here on this.

Not even a lame-o “Bush had deficits too and you never complained.”

Lily on August 21, 2009 at 6:41 PM

Shift change at soros world.

farright on August 21, 2009 at 6:47 PM

This is not the CBO I thought I knew

stldave on August 21, 2009 at 6:47 PM

Will someone, who’s really smart about economics, please explain to me how inflation is still so low?

Weight of Glory on August 21, 2009 at 6:29 PM

DrW has it in bullet point form, but simple answer: when no one is buying anything all the pressure is deflationary. Inflation is inevitable, but it’s not likely to start for another 8 month minimum.

BadgerHawk on August 21, 2009 at 6:48 PM

Couple quick edits there… okay — all signs are go!

Ferris on August 21, 2009 at 6:43 PM

Heh. Funny, yet, very very sad.

Weight of Glory on August 21, 2009 at 6:48 PM

See, guys, Stimulus worked!!! It made the deficit grow.

rw on August 21, 2009 at 6:48 PM

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