Obama’s budget deficits were going to be huge. We all knew that.
But now, it is even worse.
The Congressional Budget Office now predicts that Obama’s budget plans would generate deficits over the upcoming decade that would total $9.8 trillion. That’s $1.2 trillion more than predicted by the Administration.
For the ongoing budget year, CBO predicts a record $1.5 trillion deficit. That’s actually a little better than predicted by the White House, but at 10 percent of gross domestic product, it’s bigger than any deficit in history other than those experienced during World War II.
The new report predicts that debt held by investors, including China, would spike from $7.5 trillion at the end of last year to $20.3 trillion in 2020. That means interest payments would more than quadruple — from $209 billion this year, to $916 billion by the end of the decade.
So this tells us what?
First, that although I have always been consistent that George W. Bush was no fiscal conservative, Obama makes Bush look like an amateur at budget spending. Obama will surpass Bush’s 8 years worth of deficits before the end of this year. That is a remarkable and stunning feat.
That Obama is not only not telling the American people the truth on budgets…he is causing a debacle of historic proportions. And remember: these predictions are without Obamacare!!! I don’t think I can even imagine how ugly the deficit will be by 2020 once Obamacare gets going.
I thought the comparisons to the budget crisis in Greece was laughable last week…it might just be less fictional than you or I think.