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Jul. 23 2010 - 4:40 pm | 26 views | 0 recommendations | 1 comment

Deficit watch 7/23/2010

Via Doug Mataconis, these are some grim numbers:

The federal budget deficit, which hit a record $1.4 trillion last year, will exceed that figure this year and again in 2011, according to a White House forecast released Friday.

The $1.47 trillion budget gap predicted for 2010 represents a slight improvement over the administration’s February forecast. But the outlook for 2011 has darkened considerably, primarily due to a drop in expected tax receipts from capital gains.

Doug writes:

I start to sound like a broken record when I say this, but it’s true, this is simply unsustainable.

Remember when a billion seemed like a big number? One trillion is a whole lot bigger. Closing this gap will take higher taxes and some steep spending cuts. It’s coming, whether or not we want to talk about it.


1 Total Comment
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  1. collapse expand

    Without vibrant economic growth, i.e. increased income, there seems to be little choice. The US does not shirk its bills so we will have to pay them and treat ourselves to fewer ice cream cones.

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