Down south, the Congressional Budget Office, a nonpartisan economic analysis organization, revealed that Barack Obama’s budget proposals would result in a $9.3 trillion deficit. That’s a huge difference from the $2.3 trillion shortfall the new administration has expected it would create.
As reported in the New York Times, Peter Orszag, the president’s budget director, said annual deficits of 4% to 5% of the GDP (which were numbers his office came up with when they released the budget), are ultimately not sustainable.
This report comes just a few days after a Canadian economist saidour country’s federal debt will increase by $81.5 billion, or $18 billion more that what Harper is predicting.
If only everyone bought the same calculator…