Obviously, he skipped a few dozen classes at Harvard. Our MBA president is paving a road to nowhere...
Deficit seen at $500 billion next yearWell, one is an inevitability and the other will be a last-ditch attempt to buy votes. Conclusion: The Farce In A Flight Suit (FIAFS) is toast.
Pessimistic analysis from CBO expected Tuesday
The federal deficit, already at record levels this year, will almost certainly get worse next year, congressional budget analysts are expected to say in a report Tuesday. But House Democrats said Monday that the Congressional Budget Office analysis would understate the gravity of the fiscal crisis.
The nonpartisan CBO, which has estimated the federal deficit at $401 billion for the fiscal year ending Sept. 30, is likely to project red ink approaching or even surpassing $500 billion next year, said Rep. John Spratt, D-S.C., top Democrat on the House Budget Committee.
But Spratt said the actual deficits next year and in the subsequent years could be substantially higher because the CBO generally does not take into account future policy changes such as increased defense costs or new tax cuts.