deficits to continue breaking records

[Danzig]

Originally Posted by Riot

We could let the unfunded Bush tax cuts expire. That would take out a huge portion of the deficit (that they caused)

that's already part of the plan, they expire in january. yet, the next two years are going to continue to break records. also noticed the continued war funding. those two wars are sucking us dry, with nothing to show for it.



But the forecast provides no relief from the gloomy outlook that has been forcing Obama to consider deeper cuts to defense and non-security programs as well as additional tax increases. This week, the administration also repeated its intention to let tax cuts for the wealthy expire in January.

...the White House predicting additional borrowing of $8.5 trillion through 2020, a sum that would drive the national debt to more than 77 percent of annual economic output. That would be the highest percentage since 1950.

Independent forecasters, such as the Congressional Budget Office, say that number will probably be significantly higher if current policies remain unchanged. Obama has created a bipartisan commission to develop a strategy for stabilizing the debt by 2015.