The federal debt this year will be double what it was before the financial crisis, Congress’ official budget scorekeeper projected Wednesday morning.
The debt is on pace to reach 74 percent of the country’s economic output by the end of the year, double what it was in 2007 and the highest percentage since 1950, according to the Congressional Budget Office.
The agency slightly upped its estimate for the 2014 deficit, which it now expects to total $506 billion, a $170 billion decline from 2013.
That’s lower than the White House’s projection of $649 billion and would be the smallest deficit since 2007.[Yay! That is like a 400 pound man bragging he only gained 50 pounds last year, a lower rate than the 75 pounds the year before....]
For the first time, the CBO expects federal tax revenues to eclipse $3 trillion, compared to $3.5 trillion in total spending. [the appetite of Government is "never enough"...]
Deficits will continue to shrink next year, according to the CBO, lowering the federal debt. But then they’re expected to begin rising again in 2016, eventually bringing the federal debt up to 77 percent of GDP in 2024.
Nice job, that; both Republican and Democrat proposed budgets always give us the short term goodies, and defer the pain till years later.
That debt trajectory will have serious consequences if unaddressed, the CBO warns, including “restraining economic growth” and “eventually increasing the risk of a fiscal crisis.”
Naw, nothing to worry about....We have plenty of working stiffs bearing the burden of paying taxes...oops, except the "100 Million Now Receiving Federal Welfare"(NOT including Social Security)...but Pelosi told us all those 46 million getting food stamps will stimulate the economy....
No worries, all is well in Obama's America, they are really really concerned about Government spending ....though admittedly they are concerned Government hasnt yet sucked every dime from the productive private sector, to pay for the public sector's incredibly unsustainable fat pensions...
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