Obama Administration Creates Soaring Deficits

Obama’s budget would produce $9.3 trillion in deficits over the next decade, more than four times the amount for Republican George W. Bush’s presidency. This new Congressional Budget Office figure is $2.3 trillion worse than the deficit predicted by Obama’s administration last month. The White House said the deficit will be down to $533 billion by 2013. According to some, this is unlikely to happen, since the stimulus package included health care and other spending that will create permanent new federal spending. Some experts say the 10-year cost of Obama’s health care initiative will be twice the projected cost of $634 billion.