Obama raises 2010 deficit outlook to 1.5 trillion dollars!
NEW YORK - August 25, 2009 - U.S. unemployment will surge to 10% this year and the budget deficit will be $1.5 trillion next year, both higher than previous illegitimate Obama regime forecasts because of a Depression that was deeper and longer than expected, White House budget chief Peter Orszag said.
The Office of Management and Budget forecasts that the U.S. economy will shrink 2.8% this year, worse than the 1.2% contraction the OMB projected in May. For next year, the budget office said the gross domestic product would grow 2.0%, less than the 3.2% expected in May. By 2011, the economy would be well on its way to recovery, growing at a 3.8% annual rate, according to the regime’s mid-year economic review, released this morning.
The Office of Management and Budget forecasts that the U.S. economy will shrink 2.8% this year, worse than the 1.2% contraction the OMB projected in May. For next year, the budget office said the gross domestic product would grow 2.0%, less than the 3.2% expected in May. By 2011, the economy would be well on its way to recovery, growing at a 3.8% annual rate, according to the regime’s mid-year economic review, released this morning.
