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!
We're gonna need a bigger graph.....
You Belong to Me: The Chrysler Files: Senior non-Tarp Lenders fight back, file motion citing Radford ruling…
Video Update with extended clip of the interview with Thomas Lauria in MI this weekend courtesy of MM who has it covered in detail at her place:
Clip courtesy of PaulFVillareal2:
(5.1.09) — This audio comes courtesy of The Frank Beckmann show on WJR 760 AM Detroit. Visit WJR here:
http://www.wjr.net/And visit Beckmann’s personal page on the WJR site here:
http://www.wjr.net/Sectional.asp?id=6552
HA!!!!! HA!!!! Thank GAWD they are fighting back!!!!! Absolutely frakkin A right! The attorneys for the bondholders MUST WIN or American contract law is dead IMO and with it, the influx of capital to America that has always made us strong, would YOU lend your money to ANY American business if Team TOTUS can arbitrarily rule by FIAT going forward?, ha ha pardon the pun had to do it
Good song for this one is YOU BELONG TO ME, not to UAW or Uncle Sam to the Senior Bondholders!
Via HA, here is the pdf of the motion filed by Case & White (Thomas Lauria) on behalf of the Senior non TARP lenders of Chrysler who will FIGHT and NOT GO QUIETLY INTO THAT DARK NIGHT! A nice summary here under 17., of the easy peasy ruling this should be and the precedent:
17. Finally, that the Treasury Department would take these unconstitutional actions to help the United States address difficult economic times is not an answer. Indeed, the same justification was expressly rejected in Radford, where Justice Brandeis noted that a statute which violated secured creditors’ rights, but which was passed for sound public purposes relating to the Great Depression, could not be saved because “the Fifth Amendment commands that, however great the nation’s need, private property shall not be thus taken even for a wholly public use without just compensation.” Id. at 602.
Moderate in the Middle 