Jake Tapper notes that the Congressional Budget Office has some revised numbers on the budget deficit, if by revised we mean completely different than first reported. The deficit projection has increased 50% since January, and CBO director Douglas Elmendorf blames “enactment of recent legislation.” Gee, do you think he means Porkulus and the omnibus spending bill?
The director of the Congressional Budget Office today updated his projections for the budget and economic outlook and is now anticipating a $1.8 trillion deficit this year, and $1.4 trillion in 2010.
This is up from CBO director Douglas W. Elmendorf’s January 2009 projection of a $1.2 trillion deficit this year. In short, the US government is borrowing 50 cents for every dollar it spends.
The new projected deficit is four times the 2008 deficit, which was a record high for its time.
In the first independent analysis of Obama’s budget proposal, the nonpartisan Congressional Budget Office concluded that Obama’s policies would cause government spending to swell above historic levels even after costly programs to ease the recession and stabilize the nation’s financial system have ended.
Tax collections, meanwhile, would lag well behind spending, producing huge annual budget deficits that would force the nation to borrow nearly $9.3 trillion over the next decade — $2.3 trillion more than the president predicted when he unveiled his budget request just one month ago.') ;}// -->