Another new deficit record! $1.5 TRILLION

January 27, 2011 06:45

“Deficit spending is simply a scheme for the confiscation of wealth.” said Alan Greenspan. No wonder Obama and the Democrats love it so. If you want to redistribute the wealth you must first confiscate it.?

Record $1.5 trillion deficit throws gasoline on the fiscal fire

By Erik Wasson at The

A record $1.5 trillion deficit projection Wednesday from the Congressional Budget Office provided ammunition for both sides in the raging debate over spending and the size of government.

The CBO report could give momentum to conservatives who want to lower 2011 spending levels to a rate not seen since 2006.

House Budget Committee Chairman Paul Ryan (R-Wis.) has been charged with setting non-security spending budget ceilings at 2008 levels or lower, but the conservative Republican Study Committee has called for even steeper cuts.

In the Senate, 21 Republicans led by Sens. Orrin Hatch (Utah) and John Cornyn (Texas) cited the report in introducing a bill to start the process of adding a balanced-budget amendment to the Constitution.

The increase in the deficit would bring it to 9.8 percent of gross domestic product, the CBO said, following deficits of 10 percent and 8.9 percent during the previous two years.

“The United States faces daunting economic and budgetary challenges,” CBO Director Douglas Elmendorf said at a press conference. “Unfortunately, it is likely that a return to normal economic conditions will take years.”


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