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Congressional Budget Office reports trillion dollar deficits through 2017

Posted By admin On January 31, 2012 @ 10:13 am In Featured Stories,Tile | Comments Disabled

DAVID ROGERS
Politico [1]
January 31, 2012

The government faces a fourth year of trillion-plus deficits [2] in 2012, according to new projections released Tuesday—numbers which also show little relief in the future unless Washington comes to grips with needed changes in its tax and spending policies.

Like Aunt Cassandra coming down from the attic, the Congressional Budget Office [3] steps squarely into the 2012 campaign season with the 147-page report which might have been subtitled “It’s not just the economy stupid, it’s also the debt.”

The $1.079 trillion deficit now projected for this fiscal year ending Sept. 30 is a step backwards from what CBO had predicted in August. [4] And to punch home its message, the non-partisan agency outlines an especially grim scenario in which Congress not only extends all the current Bush-era tax cuts but pulls the plug on the $1.2 trillion in sequester set in motion by the Budget Control Act last summer.

Under this scenario—which can’t be ruled out politically—deficits would stubbornly hover just under $1 trillion through 2017, adding another $4.7 trillion altogether to the mounting federal debt.

Full article here [1]


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URL to article: http://www.prisonplanet.com/congressional-budget-office-reports-trillion-dollar-deficits-through-2017.html

URLs in this post:

[1] Politico: http://www.politico.com/news/stories/0112/72205.html

[2] deficits: http://www.politico.com/tag/deficit

[3] Congressional Budget Office: http://www.politico.com/tag/congressionalbudgetoffice

[4] predicted in August.: http://www.politico.com/news/stories/0911/63395.html

[5] Congressional Budget Office Projects $9.5 Trillion In Deficits By 2021, $2.3 Trillion More Than Obama’s Estimate: http://www.prisonplanet.com/congressional-budget-office-projects-9-5-trillion-in-deficits-by-2021-2-3-trillion-more-than-obamas-estimate.html

[6] Obama Budget Office Forecasts $1.47 Trillion Deficit This Year: http://www.prisonplanet.com/obama-budget-office-forecasts-1-47-trillion-deficit-this-year.html

[7] US deficit to hit 1.2 trillion dollars: budget office: http://www.prisonplanet.com/us-deficit-to-hit-12-trillion-dollars-budget-office.html

[8] Ron Paul: Trillion Dollar Deficits Will Lead To Dollar Crisis: http://www.prisonplanet.com/ron-paul-trillion-dollar-deficits-will-lead-to-dollar-crisis.html

[9] US August Budget Deficit Soars To $192 Billion, $1.17 Trillion In Fiscal 2012: http://www.prisonplanet.com/us-august-budget-deficit-soars-to-192-billion-1-17-trillion-in-fiscal-2012.html

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