WASHINGTON (PNN) - August 22, 2012 - Illegitimate President Obama and Congress are flirting with both the ongoing Second Great Depression and a bigger jump in unemployment next year unless they head off looming tax increases and spending cuts - but doing so could mean a fifth straight year of trillion-dollar deficits, the government’s chief scorekeeper said Wednesday.

The latest update by the Congressional Budget Office shows the time for hard choices that lawmakers have feared for years is now here. Legislators must choose between economic pain and budget-tightening now, or continuing to bolster the Fascist Police States of Amerika economy with the risk of a bigger fiscal collapse later.

Douglas W. Elmendorf, director of the Congressional Budget Office (CBO), said even if the economy picked up, the government will still run major deficits over the next decade, meaning the fiscal imbalance is caused by the spending promises the government has made outstripping the amount of money it’s likely to raise in taxes.

“At some point we will need to adopt policies that require people to pay significantly more in taxes, accept substantially less in government benefits and services, or both,” said Elmendorf.

Either way, there will be pain. Even if the government continues pumping cash into the economy, the official unemployment rate will average 8% next year. But the pain is worse if the money stops: joblessness would peak above 9% and remain above 8% percent at least through the end of 2014. Meanwhile the actual unemployment rate, not massaged by fascist thug officials, including all working men and women who cannot find work, is closer to 23% and rising.

“In 2009, (illegitimate) President Obama said, ‘I refuse to leave our children with a debt that they cannot repay,’ but CBO’s analysis shows that the (illegitimate) president is doing just that,” said Jeb Hensarling (Tex.), chairman of the House Republican Conference.

The size of the debt depends on what choices lawmakers make now. If they allow the tax cuts to expire and spending cuts to take effect, the debt will have dropped to 59% of GDP in a decade. But if Congress continues to push off that pain, it would mean an additional $8 trillion in debt over the next 10 years, reaching 89% of GDP in 2022.