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US Deficit Soaring to $1.6T This Year

By John Johnson, Newser Staff

Posted Aug 25, 2009 10:56 AM CDT

(Newser) – Here's the latest eye-popping number produced by the recession: $1.6 trillion. The White House and CBO today projected that figure as this year's deficit, reports the New York Times. While it would be the biggest since World War II, the figure is actually about... Read full story »

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deficit • national debt • Congressional Budget Office • budget deficit • Obama administration

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Deficit to Shrink ... to $1.1T

Congressional Budget Office releases its assessment

(NEWSER) - Good news/bad news time. Good news: The deficit will fall this year, thanks to additional tax revenue and major cuts in government spending. Bad news: It's still going to be $1.1 trillion, according to the Congressional Budget Office estimate released today; last year's total was $1.3 trillion. If the figure is accurate, 2012 will be the fourth year in a row that the government has run at least a trillion dollars short, Bloomberg reports. More»

Budget Deficit Will Be $1.3T: CBO

But analysts expect it to improve soon

(AP) - Congress' budget analysts are estimating that this year's federal deficit will exceed $1.3 trillion, slightly below last year's total but still a huge ocean of red ink. The nonpartisan Congressional Budget Office said the enormous shortfall is a result of the still staggering economy, which has meant lower federal revenues plus extra government spending aimed at prodding growth. More»

How Much Did Obama Really Add to Deficit?

Ezra Klein crunches the numbers and comes up with a lower total than you think

(NEWSER) - Mitt Romney has taken to carrying around a debt clock, blaming President Obama for the ever-climbing number it shows. But the clock doesn't show how much Obama has actually added to that debt, so Ezra Klein set out to find out. "There are two answers," he writes in the Washington Post . The first, which is "simple and wrong" is $4.7 trillion. That's what you get when you subtract the debt when Obama took office (about $10.5 trillion) from the current debt (about $15.2 trillion). More»

Obama: I Won't Sign Any 'Stop-Gap' Debt Deal

President says budget talks will continue 'every day'

(NEWSER) - Compromise was the theme of President Obama's press conference today, during which he acknowledged that yesterday's budget talks did not result in a deal—but promised that "we're gonna meet every single day until we get this thing resolved." He insisted that he and "all the leaders" agree that we absolutely cannot fail to raise the debt ceiling and thus "allow the US government to default." He also confirmed he is still looking for "the largest possible deal," and that he appreciates John Boehner's "good-faith efforts on that front." Obama also noted that nobody is talking about increasing taxes right now. More»

CBO: Debt Explosion Coming

Ending Bush tax cuts could eliminate deficit, CBO says

(NEWSER) - Ballooning entitlements threaten to push the national debt bigger than the entire US economy by 2021, and twice that size within 25 years, according to a pessimistic Congressional Budget Office report. “The health care programs are the main drivers of that growth,” wrote the CBO. But with Democrats refusing to cut programs and Republicans refusing to raise taxes, the debt has nowhere to go but up, notes the Washington Post . More»

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US Deficit Soaring to $1.6T This Year

deficit • national debt • Congressional Budget Office • budget deficit • Obama administration

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More Newser Stories

Deficit to Shrink ... to $1.1T

Congressional Budget Office releases its assessment

Budget Deficit Will Be $1.3T: CBO

But analysts expect it to improve soon

How Much Did Obama Really Add to Deficit?

Ezra Klein crunches the numbers and comes up with a lower total than you think

Obama: I Won't Sign Any 'Stop-Gap' Debt Deal

President says budget talks will continue 'every day'

CBO: Debt Explosion Coming

Ending Bush tax cuts could eliminate deficit, CBO says

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