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CBO Predicts 4th Straight Trillion Dollar Deficit | Missouri Political News Service

CBO Predicts 4th Straight Trillion Dollar Deficit

February 1st, 2012 by mopns · No Comments

“And that’s why today I’m pledging to cut the deficit we inherited in half by the end of my first term in office.” (President Barack Obama, Remarks At The Fiscal Responsibility Summit, Washington, D.C., 2/23/09)

Today brought even more news it’s obvious that President Obama would prefer not to discuss. The Hill reports, “The Congressional Budget Office on Tuesday predicted the budget deficit will rise to $1.08 trillion in 2012. CBO also projected the jobless rate would rise to 8.9 percent by the end of 2012, and to 9.2 percent in 2013. . . . If the CBO estimate is correct, it would mean that the United States recorded a deficit of more than $1 trillion for every year of Obama’s first term. The deficit was $1.4 trillion in 2009, $1.3 trillion in 2010 and $1.3 trillion in 2011. The largest deficit recorded before that was $458 billion in 2008.”

Meanwhile the AP reports, “A private research group says that consumer confidence retreated in January after two straight months of big gains. The Conference Board is reporting Tuesday that its Consumer Confidence Index now stands at 61.1, down from a revised 64.8 in December. Economists had expected a reading of 68. . . . A reading of 90 indicates a healthy economy, a level the index hasn’t approached since December 2007 when the recession began.”

And according to The Wall Street Journal, “U.S. home prices fell again in November, according to the Standard & Poor’s Case-Shiller indexes, which reported Tuesday that the majority of metropolitan markets posted declines. The U.S. housing market has remained sluggish despite lower prices and interest rates . . . .”

Yet given all these facts, Democrats continue to claim “we are in great shape.” That’s precisely what Sen. Chuck Schumer (D-NY) said last week at a press conference of Democrat Senate leaders. And in a recent weekly address, President Obama said, “[T]he most important thing we need to do is get more Americans back to work.  … We’re heading in the right direction.”


Hat tip:

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