War spending surges in President Obama’s budget
DAVID ROGERS
Politico
February 1, 2010
President Barack Obama’s new budget, to be released Monday, forecasts two consecutive years of near $160 billion in war funding, far more than he hoped when elected and only modestly less than the last years of the Bush Administration.
[efoods]In 2011 alone, the revised numbers are triple what the president included in his spending plan a year ago. And the strain shows itself in new deficit projections, already hobbled by lagging revenues due to the weak economy.
The administration appears to be projecting a deficit of near $1.6 trillion for the current year and $1.3 trillion in 2011. That is even more pessimistic than Congressional Budget Office estimates last week, and it’s only in 2012 that the projections drop to the range of $800 billion to $700 billion.
By the end of the decade, the gap again widens, and as a percentage of GDP, the average appears above the 3% target viewed as sustainable.
Print this page.
Loading ...