Today, the Congressional Budget Office released its latest figures on the deficit, and they aren’t good. According to the report the federal government will run a deficit of $407 billion for the budget year that ends on Sept. 30.
Furthermore, CBO expects that if current policies remain in place the budget deficits will remain over $400 billion for the next two years. The CBO figures reflect a tremendous jump from $161 billion in 2007. If the CBO projection is right, numbers would balloon to about 3% over the next two years.
CBO also estimates that during 2008 federal spending will be 8.3% higher than in 2007, meanwhile revenues will be likely be less than they were in 2007.
Based on these numbers, at least this much is true; the next Congress and President must take a serious look at the spending addiction that permeates the Halls of Congress and the Presidency.
This recklessness must stop.