Featured Stories World News Commentary Money Watch Multimedia Prison Planet U.S. News Science And Technology

Obama Budget Office Forecasts $1.47 Trillion Deficit This Year

  • Print The Alex Jones Channel Alex Jones Show podcast Prison Planet TV Infowars.com Twitter Alex Jones' Facebook Infowars store

By Roger Runningen
Bloomberg

July 24, 2010

A mid-year budget review by the Obama administration forecasts the deficit will be $1.47 trillion this year and $1.42 trillion next year as the U.S. struggles to recover from the recession.

This year’s budget shortfall is $84 billion less than President Barack Obama’s budget office projected in February because of lower than projected spending for unemployment and some government programs. Still, the total would be a record and represent 10 percent of gross domestic product.

The administration projects the U.S. economy will grow 3.2 percent this year, compared with 2.7 percent forecast in February. Growth is projected at 3.6 percent next year and 4.2 percent in 2012. The review says the unemployment rate will average 9.7 percent this year, 9 percent next year and won’t fall below 6 percent until 2015.

Full article here

Obama Budget Office Forecasts $1.47 Trillion Deficit This Year 270510banner2

This article was posted: Saturday, July 24, 2010 at 5:41 am





Infowars.com Videos:

Comment on this article

Comments are closed.

Watch the News

FEATURED VIDEOS
Is Bitcoin a Conspiracy? See the rest on the Alex Jones YouTube channel.

Napa Valley: Epicenter Of Destruction See the rest on the Alex Jones YouTube channel.

© 2013 PrisonPlanet.com is a Free Speech Systems, LLC company. All rights reserved. Digital Millennium Copyright Act Notice.