The Office of Management and Budget is predicting a higher-than-expected, $1.8 Trillion budget deficit for 2009 and a $1.3 Trillion deficit for 2010, according to a statement released by Peter Orszag, Director of the OMB.
The effect is the same as making $50,000 per year, but spending $100,000 a year. It is mathematically impossible to pay off. The Director of the OMB is pointing the finger at the previous administration, saying the deficit is “driven in large part by the economic crisis inherited by this administration.”
While the slow economy may or may not have been inherited by the current administration, the policy of overspending was not inherited by this administration. Spending more than we bring in will not solve the “economic crisis.”
The financial woes facing America have steadily increased since the Liberal Democrats came into power, as our influence in the world and our standard of living has decreased. Stop the madness.
Read the Fox News coverage here.
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