As previously reported the Federal Deficit is Soaring with estimates for this year being between $1.6 trillion or $1.8 trillion. Now the projected deficit for the next 10 years is up $2 trillion. There are so many disturbing elements to this ever expanding deficit, not least of which is how the U.S. economy will recover with this level government debt. As the deficit shoots upwards so does the risk of inflation, making recovery increasingly more difficult. Not to mention that China owns so much of our debt that at this point they're practically a part owner of this country. The government seriously needs to reexamine its priorities and reign in its spending or this country will find itself in a world of hurt.
Major Garrett reports New 10-year Federal Deficit: $9 Trillion, Up from $7 Trillion
The Obama Office of Management and Budget tells Fox the federal deficit over the next decade is projected to be $2 trillion higher than previous estimates.
The new 10-year aggregate federal deficit is $9 trillion.
An official said the prolonged recession and the ensuing decline in federal revenue prompted a recalibration of the deficit numbers.
The numbers also reflect a projection that post-recession economic growth may not be as robust as after previous recessions, the official said.
An Unsustainable Federal Deficit