Guess What? The Deficit Just Blew Up… « NEOAVATARA: "Literally the moment that the Obamas were walking out of the White House on Friday evening on their way to a well-deserved vacation to Martha’s Vineyard, the White House did the classic Friday night news dump. They declared that their budget estimates that were made at the time of the passage of the Stimulus, just 6 months ago, were absurdly wrong. They now project the budget deficit for the next decade will reach $9.1 TRILLION…a 30% increase over the previous estimate of $7 Trillion.
Well, Obama should enjoy the vacation. It is tough to create the world’s largest deficit hole.
Couple of key comments.
First, who didn’t know this was coming. Well, other than the White House, that is. Republicans stated from the beginning that they were vastly underestimating the budget estimates, and no one listened to them."
Second, the CBO gains a lot of credibility here. When they released similar (almost identical, and now verified correct) numbers in June, they were attacked by the White House for being vastly mistaken. Even funnier is that the CBO actually underestimated the deficit. The erosion of White House credibility is staggering.
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