Word: deficits
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...Administration says that the budget deficit for the current fiscal year will be 5% higher than previously forecast which will puts the number above $1.8 trillion. The spread between the old number and the new one is $89 billion. The White House figure now matches the estimate of the Congressional Budget Office, an estimate which the Administration had earlier disputed...
...Administration may find that it would be better off to hold its tongue about the rate at which the deficit is growing. It is still forecasting that GDP will only drop 1.2% in 2009. That number is clearly improbable which should shake whatever confidence the taxpayers have in the forecast. Anyone watching the process of budget revision as the bottom line gets progressively worse understands that a $2 trillion deficit for the year is possible, and perhaps likely...
...very clear what will happen if all or most of these things go well. What is not clear is what will happen if things go poorly. The reason for the hundreds of billions of dollars being added to the federal deficit is the belief that the government can buy its way out of the recession. If that does not happen, the average citizen will lose what has been his last, best hope for having a reasonable economic life instead of living through a multi-year period of national financial stagnation and intransigent, high unemployment. It will be a world...
...first thing to note about all this? The $77 million in cuts detailed in today's announcements represents only 35% of the $220 million deficit for the 2010-2011 academic year. So to a certain extent, why sweat the small stuff...
...cutbacks published on the FAS Web site amount to $77 million in projected savings—a third of the total $220 million projected annual deficit that FAS administrators hope to close by July 2011. The cuts will be made over the next several months...