Even though spending is down, the CBO’s numbers bumped
upward:
NBC: A new estimate from congressional economists says the government will run a $1.2 trillion deficit for the budget year ending just a few weeks before Election Day. It would be the fourth straight year of trillion dollar-plus deficits.
While the Republican pundits and presidential candidates
whine about the slightly higher deficit numbers and blame Obama for destroying
the economy, they seem less concerned about their own possible over the top
contribution an economic crisis:
If the Bush tax cuts are renewed, CBO says, and if automatic spending cuts mandated by last year's budget and debt pact are waived as seems possible, annual deficits would average more than $1 trillion a year over the coming decade and would, economists says, eventually spark an economic crisis.
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