The CBO projects President Obama's budget will cause $1 trillion a year in deficits for a decade. That will create $10 trillion in additional national debt for our children and grandchildren to try to pay off. They will have to accept very high taxes or extreme cutbacks in government services to cope with that staggering amount. This is a shameful dereliction of our responsibilities.
$1 trillion deficits seen for a decade with Obama plan
Economy can't support ambitious policies, congressional office says
WASHINGTON–U.S. President Barack Obama's budget would generate unsustainably large deficits averaging almost $1 trillion (U.S.) a year over the next decade, according to estimates released yesterday.
The new Congressional Budget Office figures predict Obama's budget will produce $9.3 trillion of red ink over 2010-19. That's $2.3 trillion worse than the administration predicted in its budget last month.
CBO says the deficit under Obama's policies would never go below 4 per cent of the gross domestic product, figures that economists agree are unsustainable. By the end of the decade, the deficit would exceed 5 per cent of gross domestic product, a dangerously high level. (excerpt) read more at thestar.com