Update 3: CBO numbers out- forecasts higher unemployment than WH; OMB numbers out: CBO to report mid-session Budget review tomorrow…
Update 3: CBO numbers out. Getta load of this – the 10 yr deficit numbers are at first blush LOWER than the OMB forecast! Like 2 trillion lower! BWAAAAHAAAAA!! OMG Pete Orszag must be mad enough to spit, lol. Here the WH finaly steps up and picks up the original CBO forecast for 9t deficit and now CBO has rolled it back to 7t, heh. CBO also says for this to be sustainable we need lower spending and higher taxes, shockah!
The U.S. government will run a budget deficit of $1.6 trillion this year and $1.4 trillion in the 2010 and the unemployment rate next year will be higher than the White House forecasts, the Congressional Budget Office said.The deficit estimates for this year and next released by the nonpartisan agency are in line with those projected by the Obama administration earlier today. The CBO sees higher unemployment next year, averaging 10.2 percent in 2010. The White House forecast 9.8 percent unemployment…
Update 2: OMB numbers out UGLY. COYOTE UGLY. Orszag says TOTUS will present a plan to get the deficit in hand to Congress in February, uh oh taxes? He won’t speculate he says. Full data from Bloomberg here. Will post the CBO numbers as soon as they hit the wires…
…U.S. unemployment will surge to 10 percent this year and the budget deficit will widen to $1.5 trillion next year, reflecting a “deeper recession” than previously expected, White House budget chief Peter Orszag said. The Office of Management and Budget also forecasts that the U.S. economy will shrink 2.8 percent this year, worse than the 1.2 percent contraction the OMB projected in May. For next year, the budget office said the gross domestic product will grow 2.0 percent, less than the 3.2 percent expected in May. Over the next decade, the budget picture is darker, with the 10-year deficit reaching $9.05 trillion, up from $7.1 trillion forecast in May, the budget office said Aug. 19.
Gee, Pete Orszag didn’t get many numbers right did he?
…As a result, he said the budget blueprint Obama submits to Congress in February will “include proposals to put the nation back on a fiscally sustainable path; I’m not going to comment” on any specifics, he said.
Update: Stephen Moore (WSJ editorial board and frequent Kudlow guest) was on Greta tonight with the incredible news that we are now borrowing 5 billion A DAY!
Courtesy of mghoft
Dueling mid term Fiscal Year 2010 budget forecasts manyana. OMB (WH arm under Pete ‘Throw Momma from the Train’ Orszag) first at 9:30am EST, then CBO (Congressional Budget Watchdog) 30 minutes later to REALLY see wth is going on with all the spending…
The White House and a financial scrutiny arm of Congress will release Tuesday separate government budget estimates and updated economic forecasts highlighting the deficit problem plaguing the Obama administration.The White House Office of Management and Budget will release at 9:30 am (1330 GMT) Tuesday the mid-term review of the federal government budget for fiscal year 2010, which starts October 1, the OMB said in a statement Monday.
The Congressional Budget Office, a statutory watchdog which plays a critical support role to lawmakers by providing cost estimates, said it would give an update to its budget and economic outlook about half an hour after the White House releases its report…
Which means we should get a NEW version of this graph and it should be MUCH worse, even the WH arm is coming up to CBO’s OLD numbers and will reportedly show an additional 2 trillion in the 10 year deficit tomorrow, CBO is probably even higher now of course….China should be wiggin out when they see the data, recall Timmeh assuring China we would LOWER our deficit, AS IF! Remember the promises to cut the deficit in half that TOTUS made to Congress in February? HA!
Courtesy of ShortforOrdinary
Courtesy of soupermom
Tucson, AZ: Gaby Giffords (D-AZ) skipped her own event to avoid the 300 constituents who came out to see her…reminds me of someone who would not debate at the end of the Dem primaries….Bock Bock Bawack Gaby..How can they ask for our votes if they will not come to speak to us at their own events? They are so clearly completely out of step with most of the American people…methinks they spend too much time in their DC elite bubble surrounded by the DC media handmaidens of TOTUS….reminder Congress Critters, we are the ones who vote, we are the ones you are sent to DC to represent, therefore it is we, the people, (sounds familiar…) whose voices you need to hear….
On August 6 at 7 p.m., Rep. Gabrielle Giffords (D-AZ) hosted an outdoor movie night at La Placita Cinema downtown. However, because she has been hiding from her constituents and has so far refused to hold a townhall regarding the healthcare bill, we all figured it would be a good idea to show up and let her know how unhappy we are with the bill.
She was supposed to show up for the movie event — it’s her event, after all! — but then told a Fox 11 reporter that she was not going to attend because she feared the protesters would “disrupt the movie”…Then, on the Fox 11 broadcast that night (video here), she accused the Tucson Tea Party of misrepresenting the event as a town hall and said she never intended to go to the event at all!…
Okay so if the soopergeniuses in DC ‘stumble’ across this blog, lemme explain our, my, point of view to them as they so clearly do not get it. Maybe the Critters haven’t noticed but we do not have any more money. This will add taxes and massive spending at a time of substandard economic growth projected by Pimco to last for several years. Timmeh Geithner asked for Congress to raise the Federal debt limit again and to do it within the next two weeks, calling it urgent.
Timothy Geithner asked Congress to increase the $12.1 trillion debt limit on Friday, saying it is “critically important” that they act in the next two months…….Mr. Geithner, in a letter to U.S. lawmakers, said that the Treasury projects that the current debt limit could be reached as early mid-October. Increasing the limit is important to instilling confidence in global investors, Mr. Geithner said….
The non-partisan Congressional Budget Office said Thursday the federal government’s budget deficit reached $1.3 trillion through the first ten months of fiscal 2009, on track to reach a record high of $1.8 trillion for the 12-month period….
We URGENTLY need to have more debt?! They simply MUST have this massive spending plan NOW? They MUST raise our state income taxes now, city, municipal, county, property, sales tax…Taxes to fund this will come and they will kill growth. We must have growth to get out of this debt, Therefore we must not pass this plan right now. Why so confused Congress?
The interest rate we are paying on the debt we are issuing has doubled in the past few months. It will only go higher, the spending must stop or at least not rise astronomically which is what this administration is doing. We were promised transparency and line by line budget analysis. Not unread bills written by lobbyists in the dead of night with passages added no Congressperson will claim….
Here is something pixxing people off, these Congresspeople are coming to town halls telling us we are wrong when they haven’t read the bill and we are READING PARTS OF THE BILL TO THEM. They keep shaking their heads, no no that’s not in there, YES IT IS. We are citing page numbers and passages of the actual bill..
On the comments Gov Palin and constituents have made expressing their concern over possible rationing and denial of care to those considered ‘unworthy’ somehow or treatment, and the backlash saying that is ‘silly’, read Legal Insurrection at HotAir. And recall they are asking people to ‘name names’ to the WH (like the Hop Sing Seinfeld episode where Elaine is dating a Communist) .
THOSE are not the tactics of a ‘constitutional lawyer’ ‘my friends’. More like the Lizards getting the Youth to join them in V and turn granny in. Can you even imagine what BTD and Glen Greenwald and the ACLU would have done had GWB made the same WH communications website video about reporting conversations or blog posts or emails you got about the Iraq War? Yeah, fuggetaboudit. Hell these people are the control freaks, they are already mandating our lightbulbs...
Then people like Mike Ross D AR say there is no provision in the bill about abortion. Well that’s disingenuous Mike. Are you misinformed or obfuscating? In the SENATE ‘bill’ Sen Mikulski put in an amendment that will fund Planned Parenthood...you cannot guarantee what will come out of committee….there SHOULD be something in there specifically BARRING that funding Mike…don’t lie and tell us we are wrong when you are uninformed….
How is this even making it onto the table right now? In the primaries Obama said he was moderate (HA HA!) and consistently maintained he would never raise taxes in a recession, ha ha!! He said everyone KNOWS that would be counterproductive to growth. So what happened?
We will not be growing at 5% GDP in two years (see PIMCO who calls 1-2% GDP the ‘new normal’) and if they pass this health care bill, they will HAVE to raise taxes within that time frame …so why are they doing this? The 14 million or so involuntarily uninsured have full access to ERs and walk in clinics and we just expanded SCHIP. We need to grow jobs right now not entitlements and government spending.
And WTH are pundits like David Brooks and economists like Paul Krugman doing pretending this spending is sustainable and spending their time calling protesters racist and crazed? WTH doesn’t he get something moving with the $50b set aside for housing instead of analysing people he has never met? Egads and oddbodkins, defensive much? As we have said before, it is like we are in JAWS…WE ARE GONNA NEED A BIGGER GRAPH…
The American people are massively tightening and cutting back. We expect DC to do the same. Don’t pixx on our heads and tell us it’s raining. This deficit is unsustainable without the health care plan added on…you cannot get blood from a stone..we have lost our 401ks, IRAs, jobs, housing equity, lines of credit. Good Gracious Congress Critters how can you not understand why we DO NOT WANT THIS PLAN. We know it will lose money like a damned sieve, it is a VEHICLE TO ADD SEIU JOBS IN ALLIED HEALTH…WE DO NOT WANT CARE TAKEN FROM OUR SENIORS TO PAD UNION ROLLS ……STOP SPENDING WHAT WE DO NOT HAVE…/rant off