A decade of trillion dollar deficits

NZ is facing a decade of deficits, but relatively small compared to under Obama’s budget. AP reports:

President Barack Obama’s budget would generate deficits averaging almost $1 trillion a year over the next decade, according to the latest congressional estimates, significantly worse than predicted by the White House just last month.

The Congressional Budget Office figures, obtained by The Associated Press Friday, predict Obama’s budget will produce $9.3 trillion worth of red ink over 2010-2019. That’s $2.3 trillion worse than the White House predicted in its budget.

I am very worried. I think Obama’s budgets will leave the US Government bankrupt. Bush was a disaster fiscally, but Obama may be the straw that breaks the camel’s back – a $10 trillion straw.

Oh and other another teleprompter stuff up (for God’s sake he uses one for St Patricks Day) Obama’s teleprompter now has its own blog!

Hat Tip: Fairfacts Media