White House, Congress Project Record Budget Deficits
August 25, 2009The federal government faces exploding deficits and mounting debt over the next decade, White House and congressional budget officials projected Tuesday in rival economic outlooks.
Both the White House Office of Management and Budget and the nonpartisan Congressional Budget Office predicted the budget deficit this year would swell to nearly $1.6 trillon, a record.
But while figures released by the White House foresee a cumulative $9 trillion deficit from 2010-2019, $2 trillion more than the administration estimated in May, congressional budget analysts put the figure at a lower $7.14 trillion.
Still, the CBO said in its midsummer budget update, "putting the nation on a sustainable fiscal course will require some combination of lower spending and higher revenues than the amounts now projected."
Both projects see the overall national debt, which now stands at $11.7 trillion, nearly doubling over the next decade.
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