The deficit for this year would surge to a record-breaking $1.56 trillion, topping last year's then unprecedented $1.41 trillion gap. The deficit would remain above $1 trillion in 2011 although the president proposed to institute a three-year budget freeze on a variety of programs outside of the military and homeland security as well as increasing taxes on energy producers and families making more than $250,000....So much for reducing the budget. I suspect that Mr. Obama's promise to do so next year...will be just as ephemeral.
Monday, February 01, 2010
Mr. Obama in his SOTU address said that he was going to cut spending...but it looks as if it won't be this year. His new budget is going to break last year's record setting deficit. But that's not all, if the "Cap & Trade" Bill fails in the Senate, as expected, then the deficit will be even larger than the anticipated 1,560,000,000,000.00! I expect that this estimate will be low by $400 billion dollars because of this. USATODAY's report says,