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Obama to raise 10-year deficit to..

Xer
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8/22/2009 9:45:46 AM
Posted: 7 years ago
Before I start:

What's the difference between deficit and debt?
· Debt is the total amount of money a country owes since its birth (i.e. could be centuries ago).

In other words, the amount of revenue collected throughout the nation's history minus the amount spent during that period.

The total U.S. debt to date is $11.7 trillion.

· Deficit is the total amount of money a country owes in the course of a single fiscal year.

In other words, the amount of revenue collected throughout a single fiscal year minus the amount spent during that period.

The total U.S. deficit for fiscal year 2009 was initially projected to be $1.8 trillion. However, the White House will announce next week that the deficit is now projected to reach $1.58 trillion.

Courtesy:
http://news.medill.northwestern.edu...

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FULL HEADLINE: Obama to raise 10-year deficit to $9 trillion
http://www.reuters.com...

Excerpt:
The Obama administration will raise its 10-year budget deficit projection to roughly $9 trillion from $7.108 trillion in a report next week, a senior administration official told Reuters on Friday.

"The new forecasts are based on new data that reflect how severe the economic downturn was in the late fall of last year and the winter of this year," said the official, who is familiar with the plans.

"Our budget projections are now in line with the spring and summer projections that the Congressional Budget Office put out."

The CBO said in June that deficits between 2010 and 2019 would total $9.1 trillion.

Hmm... I could've sworn Obama promised to cut the budget deficit by half. Oh yeah, here it is:
HEADLINE (2/22/09): Obama vows to cut huge deficit in half
http://www.politico.com...

*sigh*

Let's take a look at the public/national debt:
http://www.theobamadebt.com...

Public Debt
Upon Inauguration: $6,307,310,739,681
As of 2009-08-20: $7,385,126,904,159
Increased: $1,077,816,164,478

Total National Debt
Upon Inauguration: $10,626,877,048,913
As of 2009-08-20: $11,720,828,555,380
Increased: $1,093,951,506,467

Here is all the U.S. debt:
http://www.usdebtclock.org...

And my favorite:
-Warren Buffett in a NYT op-ed last Tuesday wrote about the crushing mountain of debt the US government is now building up. My favorite quote: "We don't want our country to evolve into the banana-republic economy described by Keynes."
http://www.nytimes.com...