Garden State Patriot

Barack Obama and the Democrats are spending us into oblivion. Today, the CBO revised their figures and the numbers are downright scary.

WASHINGTON — The federal government will have to borrow $1.6 trillion this year to finance its operations, the highest single-year budget deficit in the post-World War II era, the Congressional Budget Office said in a mid-year update Tuesday.

New spending by Congress since the CBO last updated its projections in March prompted it to raise its estimate of the total deficit from 2010-19 by $2.7 trillion, the CBO said in its update. That 10-year cumulative budget deficit is now expected to reach $7.137 trillion, the CBO said.

Much of that 10-year deficit increase is accounted for by additional appropriations to finance the Iraq and Afghanistan wars. About half of the increase in the 10-year deficit is a result of lowered revenue expectations as the economy continued to struggle, and additional interest costs to finance the national debt.

The U.S. public debt will exceed 61% of gross domestic product by the end of 2010, the CBO said, with that figure rising to 68% of GDP by the end of 2019.

The $1.6 trillion deficit now projected by the CBO for 2009 is $80 billion less than it projected in its March update. That decrease is mostly due to lowered projections of how much the government will spend on its Troubled Asset Relief Program to rescue the banking sector.

The CBO’s estimates are broadly in line with new deficit figures released by the Obama administration Tuesday. The White House Office of Management and Budget also slightly reduced its deficit estimate for 2009, to $1.58 trillion. The White House estimates the 10-year deficit at $9 trillion.

And remember, if Obamacare passes you can add at least another $2 trillion to all of this.

To say this is unsustainable is an understatement. This debt is threatening the very prosperity of our nation. Obama & Co. are destroying us from within.

Cross-posted at Conservatives with Attitude!