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Tuesday, January 31, 2012

Deep Deep Debt

It is no surprise that we find ourselves (federally) deeper in debt than ever before, and that it's growing at a faster rate than originally predicted. What IS surprising (at least to me) is that Politico reported it! The Congressman quoted is Democrat, that might have something to do with it. Not that they included either the total debt in this article (over $15T - equal to the ENTIRE GDP) or the total forecast debt for the future. But why on earth would Politico undermine Obama's relection? Does he really think he can blame it all on Congress? Or are media and liberal politician distancing themselves from Obama already?

"The $1.079 trillion deficit now projected for this fiscal year ending Sept. 30 is a step backwards from what CBO had predicted in August. And to punch home its message, the non-partisan agency outlines an especially grim scenario in which Congress not only extends all the current Bush-era tax cuts but pulls the plug on the $1.2 trillion in sequester set in motion by the Budget Control Act last summer.
"Under this scenario—which can’t be ruled out politically—deficits would stubbornly hover just under $1 trillion through 2017, adding another $4.7 trillion altogether to the mounting federal debt."

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