Obama budget would generate unsustainably large deficits

AP

March 21, 2009

Washington -- President Barack Obama's budget would generate unsustainably large deficits averaging almost $1-trillion a year over the next decade, according to the latest congressional estimates. The Congressional Budget Office figures predict Mr. Obama's budget will produce $9.3-trillion worth of red ink over 2010-2019. That's $2.3-trillion worse than the White House predicted in its budget. Worst of all, the CBO says the deficit under Mr. Obama's policies would never go below 4 per cent of the size of the economy, figures that economists agree are unsustainable. By the end of the decade, the deficit would exceed 5 per cent of gross domestic product, a dangerously high level. The figures could imperil efforts to enact Mr. Obama's budget.