White House Forecasts Higher Budget Deficit – Blames Bush for their Accounting Error
What a bunch of losers!
Months ago, the Congressional Budget Office had already informed the White House that their estimates were too low. Now, all of sudden, reality supposedly hits Obama and his loons to where they can no longer keep lying to the public. So, what do they do? They Blame Bush!!!
White House forecasts higher budget deficit
By Caren Bohan and Richard Cowan Caren Bohan And Richard Cowan
WASHINGTON (Reuters) – The White House on Monday increased its forecast for the U.S. budget deficit for this year by $89 billion, reflecting the recession, a raft of new unemployment claims and corporate bailouts.
A fresh estimate of the deficit showed it coming in at $1.84 trillion — representing a massive 12.9 percent of gross domestic product — in the current 2009 fiscal year that ends on September 30. A prior White House forecast released in February projected a deficit of $1.75 trillion, or 12.3 percent of GDP.
[...]
White House officials said the gloomier deficit picture reflected weaker tax receipts as the economy declined and higher costs for social safety-net programs such as unemployment insurance. Spending on the government rescues for the financial and automobile industries also was a factor in the higher deficit, according to the White House.
“The change in the deficit estimates reflects upward technical revisions in light of new information regarding the collection of receipts, financial stabilization efforts and other federal programs,” White House budget director Peter Orszag said in a blog posting.
[...]
Republicans contend that Obama’s agenda would sharply increase the size of government and add to a mountain of debt but Democrat Obama counters that the enormous deficits are a legacy of President George W. Bush, a Republican.
The higher deficits “are driven in large part by the economic crisis inherited by this administration,” Orszag said.The report from the White House Office of Management and Budget also revised the deficit higher for the 2010 fiscal year, forecasting it at $1.26 trillion, or 8.5 percent of GDP, and up $87 billion from the $1.17 trillion projection given in February. [...]
[Alright! This is where the doo-doo gets deep! You see, Obama supposedly "inherited" this "economic crisis." Let's say, for the sake of argument, that this is true. Okay? So, let's mentally go back in time to when Obama and his looney toon sycophants decided to make a budget report.
They already knew that they were "inheriting" the supposed "economic crisis." Therefore, they should have adjusted their figures accordingly, right?
But, they didn't, now did they? Even when the CBO told them that their figures were too low, they continued to deceive the public. And, now that they can no longer contain this horrendous accounting error (or, as I think - this obvious outright lie to the American public), they are forced to admit their "mistake." But, they can't even do that! They still want to blame everything on the previous Bush administration!
Now, stay with me here; imagine that you were hired to write a projected budget forecast report for a large corporation that has just bought out another corporation. Of course, when all is said and done, your figures prove to be off by about $87 billion dollars! Then, when your boss asks you why your projected figures are so terribly wrong, you blame it all on the previous corporate owners...
We all know what our boss will say after we have thrown out that line of BS, "Why the hell did I hire you anyway, you lying sack of rotting flesh!?! You're FIRED!!!" ]
Explore posts in the same categories: Abuse of Power, Economics, politics
11 May, 2009 at 11:38 am
As a rule when criminals are caught red handed their first instinct is to deny/point fingers at someone, anyone else. BHO and the dems have through their rhetoric and policies driven Americans to begin stuffing their mattresses with money, to purchase guns in numbers never before seen, to begin planting liberty gardens, the list literally goes on and on.
The dems created this mess through 8 years of opposing anything, anything that would have helped the country, they hated Bush that much. Now they are finding that they went too far they can’t put the genie back in the lamp. Enough with the kindergarten finger pointing, man up dems, you broke it you own it.
Oh and one last thing. Tired of large companies with their hands out asking for your hard earned money? Bring them dow. Do not patronize any company that aids in the socialization/ruination of the USA.
11 May, 2009 at 12:26 pm
Eight years of hatred and Bush is gone. Now they have turned their anger on the rest of us. Yes, their hate does not stop with Bush. That’s how they can take money from generations to come without the slightest concern. Children of tomorrow are financing yesterdays and today’s leftist big adventure.
Maybe the elites can appease/distract the masses by providing them with free ipods, cell phones, and TV’s. They certainly wont have the money to purchase their own when these leftists have ruined the country. In socialist countries having bread on the table is considered a perk.
13 May, 2009 at 4:12 pm
You might find this interesting
http://drsanity.blogspot.com/2005/11/lets-discuss-bush-derangement-syndrome.html
The psychological underpinnings of today’s left are frightening indeed. They are unhinged, insane, in denial and rabidly determined to cling to their worldview. They will react violently to prevent anyone from disrupting their fantasy with that vindictive bitch known as REALITY.
13 May, 2009 at 7:35 pm
That was really good, thanks azcIII. The article ask what is going on. Well, it’s a long story we cannot just look at the last eight years of Bush. The beginning of the build up to BDS started with Nixon. The same cast of characters hated him too. I agreed with his bomb the Vietnamese back to the bargaining table, disagreed with him on China. Not old enough to vote but old enough to understand the world. After that they turned Ford in to a clown, it wasn’t hard cause Ford helped them sometimes.
They thought they had regained control with Carter, remember his “walk” to the white house and all the great expectations? Well, as we all now know he crashed and burned. Then, out of the seeming blue, Reagan seized control and he was dangerous to them they realized it right away. They really hated him, tried to gun him down they did. Reagan, sold out to the establishment by picking Bush and we were left without a Reagan type replacement. Bush 1 was Bush 1. They will say that taxes killed his chances but in reality it was saddam remaining free that did it.
And so we got Clinton and eight years of closing military bases to pay for a whole lot of philandering/partying/high livin(which we are still paying for today). Still they thought they had gained control until Bush II hit them squarely in the face. After 9-11 they thought they saw a glint of Reagan in Bush’s eye and that worried them. And then they saw that Bush II might just get saddam, better late than never I always say, and that drove them over the edge.
This last election they were not worried about McCain, Palin and her kind is what they fear, cant you tell? The beat goes on. I hope everyone is getting the message that this is an old and ongoing onslaught. Our candidates wont be taking less flak they will be getting more, mainly because they know that we are over the target.
11 May, 2009 at 10:24 pm
tgusa, don’t forget the cars….
12 May, 2009 at 6:55 am
Why does the media refuse to acknowledge the FACT that Congress was led by the Democratic party during Bush’s last two years in office? It is Congress that decides how the money is spent.
I know, I know we always blame the Quarterback when the game is lost. Well, Obama is now the Quarterback and cannot blame Bush for his first quarter fumbles. His team, his game, his chance to lead. He needs to stop asking his linemen which play to call as they will allow him to be sacked time and time again while they appear to be blameless.
(sorry for the football analogies… It is one of my needed outlets from the insanity of politics)