President Obama Hides Budget Update

President Barack Obama is coming clean about the huge gap between the first predictions about the budget and the real world we live in. The annual midsummer budget update will show higher deficits and unemployment and slower growth than projected in February and then updated in May. The release of the update that traditionally happens in the middle of July has been put off until the middle of next month. Nobody wants bad news and then to admit your wrong is too much for this President to swallow. He also might want to wait until after Congress leaves town August 7 summer recess. Let us not forget those budget predictions unemployment would peak at 8 percent. The forecast called for a 3.2 percent growth next year, then four percent or higher growth from 2011 to 2013. When they come clean, the downward revision in growth and revenue projections will mean that budget deficits would be far higher. The nation’s debt (which we report everyday) is the total of accumulated annual budget deficits that now is 11,600,488,226,683.25. The budget looks at the deficit as a one-year number. This number is the total previous indebtedness that is still outstanding.

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National Debt 7/20/1999    5,630,644,963,071.99
National Debt 7/20/2009    11,600,488,226,683.25


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