National Debt Projected to Soar
Posted in Main Blog (All Posts) on February 1st, 2010 5:39 am by HL
National Debt Projected to Soar
President Obama’s budget outlook adds another $5.08 trillion to the national debt over the next five years, reports Politico.
“That’s $1.32 trillion or 35% more than the White House predicted 12 months ago; about two-thirds of this deterioration can be traced directly back to lower revenues and the higher cost of the wars.”
Furthermore, as the Wall Street Journal reports, “to get the deficit down by the middle of the decade, Mr. Obama will be relying on some cuts that have previously been proposed without success, on cooperation from a wary Congress and on a yet-to-be set up debt commission to suggest politically difficult choices.”