If you have bad news to report in our nation’s capital, Friday afternoon in August is a good time.
So what did we learn this afternoon? Well, according to various news services (e.g., Bloomberg and Reuters) the Obama administration is projecting that budget deficits will total about $9 trillion from 2010 – 2019. That figure was released by an unnamed official (the usual practice) in advance of the release of new administration forecasts next Tuesday
That projected ten-year deficit is up about $2 trillion from the administration’s previous forecast, reportedly because of weaker economic assumptions. The new figure is in line with earlier estimates by the Congressional Budget Office, which will release new estimates on Tuesday as well.
As I discussed a few days ago, the administration estimates that the budget deficit this year will total about $1.58 trillion; that figure is not included in the $9 trillion figure, which covers the next ten years.
[...] Don’t let this good news distract you from the much-less-good economic news on Tuesday: CBO and OMB are releasing new budget projections that will show trillions upon trillions of coming [...]
[...] CEO Barry Ritholtz also described Bernanke’s reappointment as a “safe pick,” noting the White House would [...]
[...] deficit will be around $1.4 trillion, about 10% of GDP, and the Obama Administration projects that deficits in the next ten years will total about $9 billion. Under those projections, the ratio of publicly held debt to GDP will be approaching 77% by the end [...]
[...] deficit will be around $1.4 trillion, about 10% of GDP, and the Obama Administration projects that deficits in the next ten years will total about $9 billion. Under those projections, the ratio of publicly held debt to GDP will be approaching 77% by the end [...]
[...] 29, 2009 by Donald Marron As you may noticed, the U.S. needs to borrow vast amounts of money. Which raises an interesting question: how should [...]
[...] As you may noticed, the U.S. needs to borrow vast amounts of money. Which raises an interesting question: how should we finance that debt? [...]
[...] As you may noticed, the U.S. needs to borrow vast amounts of money. Which raises an interesting question: how should we finance that debt? [...]