Obama to raise 10-year deficit to $9 trillion
WASHINGTON (Reuters) - The Obama administration will raise its 10-year budget deficit projection to approximately $9 trillion from $7.108 trillion in a report next week, a senior administration official told Reuters on Friday.
The higher deficit figure, based on updated economic data, brings the White House budget office into line with outside estimates and gives further fuel to President Barack Obama's opponents, who say his spending plans are too expensive in light of budget shortfalls.
The White House took heat for sticking with its $7.108 trillion forecast earlier this year after the Congressional Budget Office forecast that deficits between 2010 and 2019 would total $9.1 trillion.
It's hard to even fathom this kind of money. Say you had a spaceship with an odometer, and you worked on the sun 93 million miles away (A.K.A. an astronomical unit).
ReplyDeleteYou could commute to this job for your entire 40 year career and not even come close to 9 trillion miles. Your kid would have to pick up where you left off and work his entire career there. Then your grand kid. Then your great grand kid. Finally towards the retirement of your great great grand kid, the odometer might flip 9 trillion miles.
So go ahead and call this deficit "astronomical" because it's actually over 96,774 astronomical units.
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