CBO releases updated deficit numbers

August 19, 2010

This morning the Congressional Budget Office released new numbers for its projections of the federal budget through 2020. This is an update to the CBO’s score of the budget from March of this year.

There are two main government entities that put out budget numbers: the CBO (whose numbers were released today) and the Office of Management and Budget, which is the division of the White House in charge of writing the budget.  Both put out budget numbers twice a year. We looked at the OMB’s Mid-Session Review last month. Here are the highlights from today’s CBO release:

- CBO estimates that the federal budget deficit for 2010 will exceed $1.3 trillion—$71 billion below last year’s total and $27 billion lower than the amount that CBO projected in March 2010.

- This year’s deficit is expected to be the second largest shortfall in the past 65 years: At 9.1 percent of gross domestic product (GDP), it is exceeded only by last year’s deficit of 9.9 percent of GDP.

- CBO projects that the economy will grow by only 2.0 percent from the fourth quarter of 2010 to the fourth quarter of 2011; even with faster growth in subsequent years, the unemployment rate will not fall to around 5 percent until the end of 2014.

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9 Responses to CBO releases updated deficit numbers

  1. Thomas G. Seeds says:

    I am a white American in my mid forties. I strongly dislike the strengthened shift toward socialism during the Reagan administration to the present fiscal mess our beloved socialist government is bringing us through. Don’t get me wrong. president Reagan was the best president since J.F.K. but the apposing force got angry and impatient just like they are now. This brought on the callapsing of America with Clinton and his efforts finallized with Obama.
    I will support any and all effort to thwart this monstrous NEW WORLD CENTRALIZED GOVERNMENT shift. I must understand that this elitist run effort must ruin all industrialized nations not already comunist in order to obtain their goal of centralized government. If I am an American born and raised individual with good upbringing (taught to fear god and not to be held captive of anything but my own wrongdoing) I must feel this way. GOD BLESS AMERICA!!!! I will vote against ANY RESISTANCE to this way of thinking. I will see the morally correct American citizens at Washington on the 28th of August. p.s. There is trully a monster at work within the minds of Obama, his administration and the people behind them (WORLDWIDE ELITISTS) when a statue of Stallin, one of history’s most ruthless rullers is anounced for placement in one of the most important core states – VIRGINIA in a park because he was an important segment in history. We all know who people like that were. We certainly don’t want to praise them in America!!!! Obama’s approach to the 13 story golden mosk at ground zero is a definate mistake for individual freedom worldwide and especially America. The funders, designers, and ideamakers are not good muslims. There has been probably more than a few thousand mosks built in America with New York city claiming 50 to100 of them. This stands to good reason the fact that they want their power to be seen for the whole world by the placement at ground zero and the dedication ten years exactly from the explosion date. I’m old and tired of this but I will NEVER feel weary toward this kind of thinking!!!! Anybody and everybody that can help my effort LETS STICK TOGETHER AND GET THESE COMMYS OUT AT THE VOTING BOOTH!!!!

  2. Thomas G. Seeds says:

    I am a white American in my mid forties. I strongly dislike the strengthened shift toward socialism during the Reagan administration to the present fiscal mess our beloved socialist government is bringing us through. Don’t get me wrong. president Reagan was the best president since J.F.K. but the apposing force got angry and impatient just like they are now. This brought on the callapsing of America with Clinton and his efforts finallized with Obama.
    I will support any and all effort to thwart this monstrous NEW WORLD CENTRALIZED GOVERNMENT shift. I must understand that this elitist run effort must ruin all industrialized nations not already comunist in order to obtain their goal of centralized government. If I am an American born and raised individual with good upbringing (taught to fear god and not to be held captive of anything but my own wrongdoing) I must feel this way. GOD BLESS AMERICA!!!! I will vote against ANY RESISTANCE to this way of thinking. I will see the morally correct American citizens at Washington on the 28th of August. p.s. There is trully a monster at work within the minds of Obama, his administration and the people behind them (WORLDWIDE ELITISTS) when a statue of Stallin, one of history’s most ruthless rullers is anounced for placement in one of the most important core states – VIRGINIA in a park because he was an important segment in history. We all know who people like that were. We certainly don’t want to praise them in America!!!! Obama’s approach to the 13 story golden mosk at ground zero is a definate mistake for individual freedom worldwide and especially America. The funders, designers, and ideamakers are not good muslims. There has been probably more than a few thousand mosks built in America with New York city claiming 50 to100 of them. This stands to good reason the fact that they want their power to be seen for the whole world by the placement at ground zero and the dedication ten years exactly from the explosion date. I’m old and tired of this but I will NEVER feel weary toward this kind of thinking!!!! Anybody and everybody that can help my effort LETS STICK TOGETHER AND GET THESE COMMYS OUT AT THE VOTING BOOTH!!!!

  3. Thomas G. Seeds says:

    I am a white American in my mid forties. I strongly dislike the strengthened shift toward socialism during the Reagan administration to the present fiscal mess our beloved socialist government is bringing us through. Don’t get me wrong. president Reagan was the best president since J.F.K. but the apposing force got angry and impatient just like they are now. This brought on the callapsing of America with Clinton and his efforts finallized with Obama.
    I will support any and all effort to thwart this monstrous NEW WORLD CENTRALIZED GOVERNMENT shift. I must understand that this elitist run effort must ruin all industrialized nations not already comunist in order to obtain their goal of centralized government. If I am an American born and raised individual with good upbringing (taught to fear god and not to be held captive of anything but my own wrongdoing) I must feel this way. GOD BLESS AMERICA!!!! I will vote against ANY RESISTANCE to this way of thinking. I will see the morally correct American citizens at Washington on the 28th of August. p.s. There is trully a monster at work within the minds of Obama, his administration and the people behind them (WORLDWIDE ELITISTS) when a statue of Stallin, one of history’s most ruthless rullers is anounced for placement in one of the most important core states – VIRGINIA in a park because he was an important segment in history. We all know who people like that were. We certainly don’t want to praise them in America!!!! Obama’s approach to the 13 story golden mosk at ground zero is a definate mistake for individual freedom worldwide and especially America. The funders, designers, and ideamakers are not good muslims. There has been probably more than a few thousand mosks built in America with New York city claiming 50 to100 of them. This stands to good reason the fact that they want their power to be seen for the whole world by the placement at ground zero and the dedication ten years exactly from the explosion date. I’m old and tired of this but I will NEVER feel weary toward this kind of thinking!!!! Anybody and everybody that can help my effort LETS STICK TOGETHER AND GET THESE COMMYS OUT AT THE VOTING BOOTH!!!!

  4. Mick says:

    What you people fail to realize, is that the sinking tax base is the real issue. Big, corporate America want to continue to import low and then sell high in America, until we are on our knees, begging for jobs. The fact that the states, counties, and cities are broke means nothing to you! ALL Jobs are LOCAL!!!

  5. Mick says:

    What you people fail to realize, is that the sinking tax base is the real issue. Big, corporate America want to continue to import low and then sell high in America, until we are on our knees, begging for jobs. The fact that the states, counties, and cities are broke means nothing to you! ALL Jobs are LOCAL!!!

  6. Mick says:

    What you people fail to realize, is that the sinking tax base is the real issue. Big, corporate America want to continue to import low and then sell high in America, until we are on our knees, begging for jobs. The fact that the states, counties, and cities are broke means nothing to you! ALL Jobs are LOCAL!!!

  7. Mick says:

    The feds are spending and have no other option but to, until the tax base increases enough to put core employees back to work. Until that happens schools will close, and state and municiple governments will have to eliminate employees, putting us into a downward spiril that will lead to another depression. The republicans want to see this happen for political gain and that is very un-American!

  8. Mick says:

    The feds are spending and have no other option but to, until the tax base increases enough to put core employees back to work. Until that happens schools will close, and state and municiple governments will have to eliminate employees, putting us into a downward spiril that will lead to another depression. The republicans want to see this happen for political gain and that is very un-American!

  9. Mick says:

    The feds are spending and have no other option but to, until the tax base increases enough to put core employees back to work. Until that happens schools will close, and state and municiple governments will have to eliminate employees, putting us into a downward spiril that will lead to another depression. The republicans want to see this happen for political gain and that is very un-American!

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