To elaborate on how alarming this budget deficit is, total government spending for the year is projected at $4.0 trillion, while receipts will total less than $2.2 trillion. (The difference in those two figures is the budget deficit of $1.8 trillion.) That means our federal government is spending almost twice the amount of money that it is bringing in. This is a staggering statistic.
Projections for future years show the budget deficit will decline to $1.3 trillion in 2010 and $0.9 trillion in 2011. But both of those figures are still dramatically higher than the previous record budget deficit of $459 billion in 2008. Using the administration’s own estimates, the projected budget deficits will increase the national debt by almost $9 trillion dollars from 2009 to 2019. What makes these figures even more frightening is that the White House is using rosy economic assumptions which are far more optimistic than those of private economists or the nonpartisan Congressional Budget Office. When more realistic economic assumptions are used, the numbers are far worse than those projected by the White House.
Thank you for visiting this site and reading this article on the budget deficit and the national debt. Your interest in the national debt and related topics is very much appreciated, and you are invited to read additional articles on this site.