The 2010 federal budget deficit will be $1.35 trillion, nearly as large as last year's record $1.4 trillion budget shortfall, according to the independent Congressional Budget Office.
The CBO, in its budget outlook released Tuesday, also projected a "muted" economic recovery over the next few years. The unemployment rate will average more than 10 percent for the first half of this year and then decline at a slower pace than in past recoveries, the CBO said... The CBO's 2010 deficit projection is slightly larger than the $1.27 trillion deficit projected by the Obama administration in its budget review last summer.
"U.S. fiscal policy is on an unsustainable path to an extent that cannot be solved by minor tinkering," Elmendorf said... He said there was a "fundamental disconnect" between the services that Americans expect from government, particularly elderly citizens on Social Security and Medicare, and the taxes that Americans are prepared to pay...
Columnist Joe Klein of Time Magazine responded to the news with harsh words.
The CBO is too dumb to thrive... it thinks the Stimulus package and other massive spending packages were wasted! What the hell are these people thinking? Our benevolent federal government was kind enough to return $60 a month to the little people by changing their withholding. True, they'll have to pay it back later, but it's the thought that counts!
The CBO is an anachronism -- like the Dodo Bird -- and it's time for it to simply expire. In fact, with noted financial whizzes Timothy Geithner and David Axelrod running the show, there's truly no need for second-guessing by the likes of Elmendorff.
Klein went on to compare Obama's programs to Joe Weider's famed "Muscle Confusion" principle of bodybuilding.
Just when the body politic thinks it understands what's going on -- then, BAM!! You throw it a curveball. That's what Obama's doing! Confusing us in order to shock our economic system back into health. Why is that so f***ing hard to understand?
Just shut up and do what your government tells you to do! Why are we even talking about this??