White House, Congress Projects Record Deficits

The White House Office of Management and Budget and the nonpartisan Congressional Budget Office estimate this year's budget deficit will reach a record level of nearly $1.6 trillion. And both estimate unemployment could reach 10 percent this year and begin a slow decline next year.

The outlook for the next decade is staggering. The White House foresees a cumulative $9 trillion deficit from 2010-2019. That's $2 trillion more than the administration estimated in May.

The Congressional Budget Office outlook for the same 10-year period is $7.4 trillion. It's lower because analysts assume tax cuts passed during the Bush administration will have expired. The president has proposed keeping the tax cuts in place for families earning less than $250,000.

Comments

Add A Comment

Name:

Email:

Comment:

Please enter the word from the image into the box below.