Tuesday, August 25, 2009

It’s time to call our congressmen again to let them know that this is unsustainable and unacceptable!  In the lower left hand column of this blog are their e-mail links if you prefer to write.

Most red ink ever: $9 trillion over next decade

By JIM KUHNHENN, Associated Press Writer 

WASHINGTON – In a chilling forecast, the White House is predicting a 10-year federal deficit of $9 trillion — more than the sum of all previous deficits since America's founding. And it says by the next decade's end the national debt will equal three-quarters of the entire U.S. economy.

But before President Barack Obama can do much about it, he'll have to weather recession aftershocks including unemployment that his advisers said Tuesday is still heading for 10 percent.

Overall, White House and congressional budget analysts said in a brace of new estimates that the economy will shrink by 2.5 to 2.8 percent this year even as it begins to climb out of the recession. Those estimates reflect this year's deeper-than-expected economic plunge... http://news.yahoo.com/s/ap/20090825/ap_on_go_pr_wh/us_obama_economy

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