Obama projects $4 trillion of new debt
January 13, 2009
Yes we can! Obama's economic team is projecting $4 trillion of combined deficits over the next five years.
It seems that Barack Obama’s economic team is planning for nearly $4 trillion of new debt over the next five years.
Obama’s appointee to serve as Director of the Office of Management and Budget (OMB), Peter Orszag, projects budget deficits of about $750 billion for the next five years. If you were upset about Republican’s running deficits eclipsing $400 to $500 billion, get a load of this! Are we going back to baseline budgeting too?
Of course, we should never underestimate a politicians willingness to make the ground look more favorable than it really is. After these projections, Obama could become a “miracle worker” by showing deficits much lower in the future. Red State shows the numbers that Orszag recently projected when at the Congressional Budget Office which show deficits around $250 billion until 2018. Let’s do the math. $750 billion minus $250 billion equals $500 billion.
I can see the headlines now: “Obama administration cuts deficit by $500 billion.” “Obama administration reverses deficit trend.” As they say: “The price of a successful attack is a constructive alternative.”
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