Obama Forecasts $1.75 Trillion Deficit This Year

February 26th, 2009

I hope the Chinese take a deep hit of Hopenosis or the bond auctions are going to fail.

Via: Reuters:

President Barack Obama will forecast the biggest U.S. deficit since World War Two in a budget on Thursday that urges a costly overhaul of the healthcare system and would spend billions to arrest the economy’s freefall.

An eye-popping $1.75 trillion deficit for the 2009 fiscal year is projected in Obama’s first budget, according to U.S. officials who briefed reporters on the numbers.

That is equal to 12.3 percent of U.S. gross domestic product — the largest share since 1945 when the country ran a shortfall of 21.5 percent of GDP.

“While we must add to our deficits in the short term to provide immediate relief to families and get our economy moving, it is only by restoring fiscal discipline that we can produce sustained growth and shared prosperity,” Obama said at the White House.

Posted in Collapse, Economy | Top Of Page

2 Responses to “Obama Forecasts $1.75 Trillion Deficit This Year”

  1. Eileen says:
    February 27, 2009 at 3:43 am

    I don’t know why anyone else isn’t REALLY PISSED OFF about the Obama budget revelation today. Well, I guess my reasons for being pissed off may be different…but isn’t reaction to the Obama budget SHOOTING the MESSENGER?
    Why didn’t people have their HOLY COW revelation about how much MONEY the wars in IRAQ and AFGHANISTAN were having until today? Cause it was OFF THE BOOKS. The sheeple didn’t need to know.
    Well here it is folks.
    WAR. WHAT IS IT GOOD FOR?
    ABSOLUTELY NOTHIN.
    But instead of talking about all that money for war, it will now be the attack on Social Security that every single, married, stupid, smart, citizen in the Us of A has paid all their life that is now the DISEASE that has caused the deficit enumerated today. What an effing joke.
    Are people that live in the United States going to buy this bullshit?
    I REALLY HOPE NOT.
    THIS IS THE MOST ROTTEN BS I’ve EVER HEARD OF.
    Barney Frank gave me some comfort today.
    Here it is: http://informationclearinghouse.info/article22099.htm

  2. Eileen says:
    February 27, 2009 at 4:05 am

    And while we’re deciding whether Obama is one of them or one for us, this I also thought was very interesting:

    http://www.boston.com/news/politics/politicalintelligence/2009/02/harvard_expert.html

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