Browsing All posts tagged under »budget deficit«

CBO: Obama debt forecast off by $1.2 trillion

March 5, 2010

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Hidden in the Friday news dump is this rosy little story regarding our fiscal future – the Congressional Budget Office announced is projecting that Obama’s proposed budget will add $9.7 trillion to the debt over the next 10 years, which is $1.5 trillion more than the White House’s estimate of $8.5 trillion of debt put on […]

Ad campaign for Census to cost $135 million

February 4, 2010

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To gear up for the 2010 Census, the Census Bureau, which you’ll remember is now under White House control, will spend $135 million on an ad campaign in 28 languages over the next four months. Part of that campaign is a commercial purchased for $2.5 million to air during the Super Bowl. I understand the […]

Obama unveils new budget with record spending and record deficits

February 1, 2010

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  President Obama unveiled his budget for 2011 which weighs in at a record $3.8 trillion and sets yet another record – a $1.56 trillion budget deficit for our current fiscal year, 10.6% of the nation’s GDP. The budget includes the President’s much ballyhooed partial spending freeze, which freezes a portion of discretionary spending at […]

Don’t get fooled by spending freezes and populism

January 26, 2010

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President Barack Obama makes his first official State of the Union address tomorrow evening, and commentators on the left and right are buzzing with his potential content tomorrow on the heels of a devastating Democratic defeat in liberal Massachusetts, an election which has put the brakes on the President’s premier domestic proposal and highlighted the […]

Heavy debt hampers economic growth, says 200 years of data

January 14, 2010

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A new report that looked at 200 years of economic data from 44 countries found that a high debt-to-GDP ratio will cripple a country’s propensity to grow economically. Carmen Reinhart and Kenneth Rogoff, economists respectively from the University of Maryland and Harvard, found that there are discrete breakpoints at which debt becomes ever more harmful. With […]

Debt ceiling raised as two spending bills advance

December 17, 2009

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In one of its last acts before adjourning for a winter break, the House of Representatives passed legislation that raises the amount of debt the US government is legally allowed to owe by an amount of $290 billion to a record $12.4 trillion in allowable government debt. The 218-214 vote saw unanimous Republican opposition, though […]

National debt now over $12 trillion

November 17, 2009

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Sobering news from the Treasury Department today as the nation learns it’s in the hole to the tune of over $12 trillion. My share ($38,974.34) is just a bit less than my yearly salary as a microbiology med tech, but doesn’t cover the share of my wife or daughter either. Here’s some more numbers from […]