Updated White House figures put the budget deficit over $1.8 trillion. Some highlights from the bill:
- The deficit for the current budget year will rise by $89 billion to above $1.8 trillion about four times the record set just last year.
- For the current year, the government would borrow 46 cents for every dollar it takes to run the government under the administration’s plan.
- Annual deficits would never dip below $500 billion and would total $7.1 trillion over 2010-2019. Even those dismal figures rely on economic projections that are significantly more optimistic — just a 1.2 percent decline in gross domestic product this year and a 3.2 percent growth rate for 2010 — than those forecast by private sector economists and the Congressional Budget Office.
The AP article can be viewed here.
The Budget can be found here.
On a sidenote, PiPress reporter Rachel Stassen-Berger reported on Friday, the “uninsured” statistic posted on the White House’s website is wrong. The White House claims the number of uninsured Minnesotans is 1.1 million, but the Minnesota’s own Department of Health puts the number at around 374,000.
