The headline says it all:
New deficit estimates much worse than W. House predicted
How much worse?
President Barack Obama's budget would generate deficits averaging almost $1 trillion a year over the next decade, according to the latest congressional estimates, significantly worse than predicted by the White House just last month.
The Congressional Budget Office figures, obtained by The Associated Press Friday, predict Obama's budget will produce $9.3 trillion worth of red ink over 2010-2019. Worst of all, CBO says the deficit under Obama's policies would never go below 4 percent of the size of the economy, figures that economists agree are unsustainable.
By the end of the decade, the deficit would exceed 5 percent of gross domestic product, a dangerously high level.
"Unsustainable" deficits means that we are going to have to do something drastic like raise everyone's taxes beyond belief while gutting our military and reducing discretionary spending to as close to zero as we can get. And this will have to be done in an economy that is being ruined by the president's actions.
It won't [just] be our children or grandchildren who will be living in the wreckage of a ruined economy. It will be us and it will happen much quicker than we are being told.
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