RSSCBO’s Estimate of the President’s Budget
CBO Updates Budget Deficit to $1.845 Trillion for 2009
Since the Congressional Budget Office (CBO) last issued its baseline projections in January 2009, the outlook for the budget deficit has deteriorated further. Enactment of stimulus legislation and omnibus appropriations, a worsening of the economic outlook, and other factors have increased CBO’s projections of the deficit by more than $400 billion in both 2009 and 2010 and by smaller amounts thereafter. As a result, if current policies remain the same, CBO now anticipates that the deficit will total almost $1.667 trillion (using the CBO baseline projection format). After updating its own baseline projection, CBO then analyzed the president’s budget for 2010 that contains further budget provisions for the current year which ends September 30, 2009. (By law, CBO’s baseline projection assumes that whatever laws are currently in effect will remain in effect. Therefore, the CBO’s baseline projection does not take into account the budget changes proposed by the president.) The CBO runs a separate analysis of the president’s budget to determine the projected deficit using the president’s proposals. Assuming that the changes proposed by the president are, in fact, enacted, CBO estimates that the 2009 budget deficit will total $1.845 trillion for the current year.
15 Responses to “CBO’s Estimate of the President’s Budget”
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July 25th, 2009 at 12:32 pm
Thank you Ross for everything you have done for this country. You woke up a nation with informed facts and I will be forever indebted to you. I would love for you to make an appearance on televison just to talk about the state of the nation and what potential solutions we need to fix this mess. I understand if you don’t for all of the grief that Republicans and Democrats gave you throughout the 90’s. Thank you for everything you have done and thank you for this web site.
You have my greatest respect.
Hans
August 6th, 2009 at 9:30 pm
We are about to have multiple trillion dollar deficit years. This CBO estimate did not include any health care “reforms” that may come up.
We need leaders in Washington who are not afraid to cut spending and follow the Constitution. Both parties have been afraid to do this. I am challenging my Republican incumbent in the Republican primary to make him at least talk about the spending cuts and how to reduce the National Debt (www.petronisforcongress.com).
September 22nd, 2009 at 2:29 am
This is my first post and am very pleased that I ran into your site. Such interesting times and how much things have changed since the first response, for the worse. Let us not forget so many things that made the Great Depression, so “Great”. We are somewhat following some of the same mistakes. Although I have read only a few of the comments and replies, you can bet I will be reading them all eventually. Something of particular “red flag” currently is the Dollar. If a countries currency is a direct reflection of a countries economy, all the comments above are directly reflected with the current devaluation of the US Dollar, or excuse me, the US Peso. On top of that, we all know that as the signs of the economy start to show positive signs; hence inflation, which Bernanke has not shown his acumen for timing of markets, when he continued to increase interest rates at the beginning of this fiasco, we will need to raise interest rates again, probably by the end of this year, compounding the deficit issue furthermore. Healthcare, another fiasco, how will this not add to the deficit? One important reminder regarding healthcare that is currently of topic are those illegally in the US, and denial of service to them? Wow, when has anyone in the United States denied anyone else of service? Has the President forgot, “Give us your tired, your hungry, your poor”? Furthermore, no Doctor is going to allow someone to simply die in their presence. Therefore, this will be a cost that is not assumed in the current plan. Whew! I could go on much longer, but I will leave it at this for now. Many more topics to catch up on.
September 22nd, 2009 at 10:21 am
well, what is the big deal….ther ain’t been but 1 ten year period since 1910 tat the debt has gone down…1920-1930. The turnips in D. C. are one sandwich short of a picnic when it comes to doing anythig positive for America. They all think tat BIG GOVERNMENT is the cure and the sad thig bout tat….most of the people in the USA think the same thig.
“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves money from the public treasure. From that moment on the majority always votes for the candidates promising the most money from the public treasury, with the result that a democracy always collapses over loose fiscal policy followed by a dictatorship. The average age of the world’s great civilizations has been two hundred years. These nations have progressed through the following sequence: from bondage to spiritual faith, from spiritual faith to great courage, from courage to liberty, from liberty to abundance, from abundance to selfishness, from selfishness to complacency, from complacency to apathy, from apathy to dependency, from dependency back to bondage.” Alexander Tyler
October 23rd, 2009 at 5:56 pm
The CBO published 2 charts a while back — one showing a *balanced budget* if the Bush 2001 tax cuts were allowed to expire, and another if they were continued. I can’t find these anywhere — can you locate these?
Also, could you put a chart together of revenue vs expenses — it would be interesting to see how the Fundies respond when the $618 billion defense + $200 billion war spending is shown right next to the $1.1 Trillion budget. After all, if we eliminate social security, medicare and medicaid it’ll have no impact because those are fully funded by taxes.