I guess GW has alot of 'spainin to do...
Sheldon Alberts, Washington Correspondent, Canwest News Service
Published: Wednesday, January 07, 2009
WASHINGTON - The U.S. federal budget deficit will reach at least $1.2 trillion in 2009, almost triple its level last year, and could soar several hundred billion dollars higher with the expected passage of a massive economic stimulus package being touted by president-elect Barack Obama.
The news that Washington is awash in record amounts of red ink came Wednesday from the Congressional Budget Office, which cited a collapse in government revenue and last year's financial bailout of Wall Street for the unprecedented jump in its deficit projection.
The news that Washington is awash in record amounts of red ink came Wednesday from the Congressional Budget Office, which cited a collapse in government revenue and last year’s financial bailout of Wall Street for the unprecedented jump in its deficit projection.
Daniel Acker
"This is one of the worst budget forecasts I have seen in my lifetime," said Senator Kent Conrad, the Democratic chairman of the Senate budget committee. "President-elect Obama is being handed an absolute fiscal disaster."
As recently as September, the CBO had estimated the 2009 deficit at $440 billion, and its increase reflects the impact of the economic collapse on federal coffers
Sheldon Alberts, Washington Correspondent, Canwest News Service
Published: Wednesday, January 07, 2009
WASHINGTON - The U.S. federal budget deficit will reach at least $1.2 trillion in 2009, almost triple its level last year, and could soar several hundred billion dollars higher with the expected passage of a massive economic stimulus package being touted by president-elect Barack Obama.
The news that Washington is awash in record amounts of red ink came Wednesday from the Congressional Budget Office, which cited a collapse in government revenue and last year's financial bailout of Wall Street for the unprecedented jump in its deficit projection.
The news that Washington is awash in record amounts of red ink came Wednesday from the Congressional Budget Office, which cited a collapse in government revenue and last year’s financial bailout of Wall Street for the unprecedented jump in its deficit projection.
Daniel Acker
"This is one of the worst budget forecasts I have seen in my lifetime," said Senator Kent Conrad, the Democratic chairman of the Senate budget committee. "President-elect Obama is being handed an absolute fiscal disaster."
As recently as September, the CBO had estimated the 2009 deficit at $440 billion, and its increase reflects the impact of the economic collapse on federal coffers
