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$482 Billion Budget Deficit Sets Record

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Disheartening news for the next President…

WASHINGTON (AFP) — The US government’s budget deficit is expected to balloon to a record 482 billion dollars in the next fiscal year, largely due to an emergency economic stimulus and a slowing economy, a White House report showed Monday.

The report revealed that the Office of Management and Budget (OMB) had trimmed its budget deficit prediction for 2008 by 21 billion dollars to 389 billion.

The OMB cited “higher inflation and more modest expectations regarding economic growth” in revising its deficit projections.

You think maybe if we weren’t spending over $410 million in Iraq every single day we could better balance the budget? After all, that would slice $150 billion off this total. Still quite a deficit, but a hell of a lot more palatable.

But the “best” part of this story is the following…

White House spokeswoman Dana Perino said that a swollen US deficit is “the price that we pay in order to help improve the economy.”

She said the White House still stood by its goal of achieving a balanced budget by 2012[…]

How can these people stand by a goal that they won’t even be in office to deliver? Especially when we’re talking about a record deficit? They really think they could turn that around in 4 years if they’re not willing to get out of Iraq anytime soon?

Amazing.

UPDATE:
As many pointed out in the comments section, the $150 billion for Iraq was emergency funding, so even if we got out of there it wouldn’t change this massive number.

My apologies for the confusion.