AP Reports: Add $2 Trillion to that planned deficit →
The Obama administration expects the federal deficit over the next decade to be $2 trillion bigger than previously estimated, White House officials said Friday, a setback for a president already facing a Congress and public wary over spending.
The new projection, to be announced on Tuesday, is for a cumulative 2010-2019 deficit of $9 trillion instead of the $7 trillion previously estimated. The new figure reflects slumping revenues from a worse economic picture than was expected earlier this year. The officials spoke only on the condition of anonymity ahead of next week’s announcement.
This is crazy. So take the previous posts’ Red Line Graph and add $200B to each of the ten years projected under “O”. That’s the additional $2Trillion spread over ten years.
Remember kids: the government does not have this money. It already is projecting that it will need more. Taxes are the source of revenue.
The Power to Tax is the Power to Destroy, and Obama is already telling us he will gladly wield his power to Tax.
