Billion, With A B

477 of them, in fact: yup, that's our projected record deficit this year, according to the CBO.



Oh, but the deficit will get smaller soon, right? Not so fast! CNN tells us:

All the estimates assume lawmakers will not rewrite any tax laws and let spending grow only at the rate of inflation.

Because tax and spending changes are inevitable, the forecasts are not meant as a prediction. Rather, they provide lawmakers with a baseline from which to measure the effect their policies would have on the budget.

Many analysts say the budget office's deficit projections will probably prove too low -- especially in the long-term -- because they omit expenses the president and Congress are likely to approve.

These include making at least some tax cuts permanent, changing the alternative minimum tax so it doesn't affect growing number of middle-income earners, and spending increases for popular programs or unforeseen needs like war or disasters.

Heh, "unforseen needs like war". That's rich! But I digress. It seems pretty clear that the deficits and our national debt are going to grow, especially when the baby boomers retire.

Your grandkids' debt of tomorrow, brought to you by the adults in charge today...

ntodd  ¶ 2:19 PM