CBO raises 2014 budget deficit by 14 billion, Lowers GDP from 3.1 to 1.5 percent, Red ink to rise in coming years if Washington doesn’t change current laws, Lower tax revenue
“The number of people receiving health coverage through public exchanges under President Obama’s health-care overhaul will total roughly 25 million by 2018, will add more than $1 trillion to the federal deficit over the next decade and could very well create a small contingent of workers unwilling to work for fear of losing federal medical aid.”
“One of the CBO’s most intriguing estimates is that by 2017 there will be 2 million fewer full-time jobs on the market than there would have been without Obamacare, and that figure could climb to 2.5 million by 2024.”…Market Watch February 4, 2014
“What do you think a stimulus is? It’s spending – that’s the whole point! Seriously.”…Barack Obama
“Freedom is the freedom to say that two plus two make four. If that is granted, all else follows.”…George Orwell, “1984″
From Market Watch August 27, 2014.
“CBO forecasts $506 billion budget deficit for 2014”
“The Congressional Budget Office on Wednesday raised its estimate of the federal government’s budget deficit for the current fiscal year as it slashed its growth forecast, and warned red ink was due to rise in coming years if Washington doesn’t change current laws.
In an update of budget and economic projections for 2014 to 2024, the nonpartisan CBO said the U.S. government’s deficit for fiscal 2014 will be $506 billion, or 2.9% of gross domestic product. The new estimate is $14 billion more than the agency’s prior estimate for the year, issued in April.
The new estimate is largely a result of lower-than-expected revenues for the year — particularly receipts of corporate taxes. CBO now estimates that all revenues will be 0.9% below its projection in April. Corporate tax revenues will be $315 billion in 2014, compared to a prior estimate of $351 billion, CBO said.”
“The agency lowered its projection of GDP growth for the year, to 1.5% from 3.1%, “reflecting the surprising economic weakness in the first half of the year.””
“But there are fiscal pressures on the horizon. The CBO said deficits will start to rise again after 2015, and approach $1 trillion in 2024.”