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Tipsheet

CBO Makes its Estimate

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. 

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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.

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