Surging US deficit under scrutiny
By P. Parameswaran (AFP) – 13 hours ago
WASHINGTON — The staggering fiscal deficit plaguing President Barack Obama's administration comes under focus Tuesday as the White House and a financial scrutiny arm of Congress provide new government budget estimates and updated economic forecasts.
The White House Office of Management and Budget will release at 9:30 am (1330 GMT) Tuesday the mid-term review of the federal government budget for fiscal year 2010 beginning October 1, the OMB said in a statement Monday.
The Congressional Budget Office, a statutory watchdog which plays a critical support role to lawmakers by providing cost estimates, said it would give its own update on the budget and economic outlook about half an hour after the White House released its report.
The White House is expected to project a further increase of two trillion dollars in its 10-year budget deficit forecast even as it trims the current budget estimates, Obama administration officials said.
The projected streak of red ink could further push up national debt levels as the nation reels from an economic crisis and adds pressure on Obama to scale back his ambitious healthcare overhaul plan.
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THIS IS WHO I AM
- Utah, United States
- I am a retired grandmother who lost her husband of 42 years in 2010, to cancer. I relocated from Ventura, CA to a community near Salt Lake City, Utah to be with my son, daughter-in-law and two granddaughters. I am a believer in Jesus our Lord and in the true Sabbath as our worship day. I am learning more and more about what our role is here on Earth as well as what it will be when Yahshua returns. I love crochet, watercolors, and writing. My newest passion is writing poetry. I would love to hear from others who enjoy these crafts; come visit and share your interests.
JULY 4 - Time For Tea
The American people came out on July 4 to protest high taxes and run-a-way government spending. From 11:00 till 2:00 p.m., citizens of Ventura, CA came out to show their support for less taxes and less government interference. As a spectator and one who attended the first Ventura Tea Party, I would say we doubled the turnout of patriots.
All across the country the signs, flags and banners that were carried at the tea parties showed the position that the American people are taking toward its government. They are mad and they are not going to take it anymore!