Until now, the White House had been estimating that the national debt would increase by $7.108 trillion between 2010 and 2019. On Friday evening, Reuters reported that an unnamed senior administration official was saying that a report due from the Office of Management and Budget on Tuesday would indicate that the debt would actually increase by $9 trillion during that period, almost $2 trillion more than the administration had previously estimated.
Since the beginning of the republic in the late 18th century, the U.S. government has accumulated a total of $11.67 trillion in debt. In the next decade, under the budget plans the Obama administration has in mind, that debt will almost double to about $20.67 trillion.
The administration is planning to run an average annual deficit of about $900 billion—or almost a trillion dollars—for each of the next ten years.
Until this year, according to historical budget tables published by the White House Office of Management and Budget, the largest annual budget deficit the U.S. government ever ran was in fiscal 2008, when the deficit was $458.5 billion.
The average deficits the Obama administration is now planning to run in each of the next ten years will now amost double that.
The good news that the White House leaked to Reuters late on Friday is that it is now projecting that this year’s deficit will be $1.58 trillion, down from the $1.84 trillion it earlier estimated.
At $1.58 trillion, this year’s deficit will be almost three and a half times as large as last year’s, and thus about three and a half times larger than the largest deficit the U.S. government has ever run.