$9 Trillion Deficit Predicted
The New York Times reports that the Obama administration, citing an economic downturn that has been deeper than it had first thought, raised its estimate on Tuesday of the government’s deficit over the next decade to $9 trillion from $7.1 trillion.
The Times stated, “Despite the shortfalls, White House officials said they saw no reason to back away from President Obama’s ambitious and costly goal of overhauling the health care system.”
Peter Orszag, director of the Office of Management and Budget, said that President Obama will soon unveil plans to reduce long-term deficits tied to soaring costs of Medicare, Social Security and other entitlement programs.
