{"id":7000,"date":"2010-09-10T10:15:11","date_gmt":"2010-09-10T14:15:11","guid":{"rendered":"http:\/\/cfif.org\/v\/freedom_line_blog\/?p=7000"},"modified":"2010-09-10T10:17:05","modified_gmt":"2010-09-10T14:17:05","slug":"cbo-2010-deficit-already-reaches-1-3-trillion","status":"publish","type":"post","link":"https:\/\/cfif.org\/v\/freedom_line_blog\/7000\/cbo-2010-deficit-already-reaches-1-3-trillion\/","title":{"rendered":"CBO:  2010 Deficit Already Reaches $1.3 Trillion"},"content":{"rendered":"<p>This week, the Congressional Budget Office <a href=\"http:\/\/cbo.gov\/doc.cfm?index=11705\" target=\"_blank\">announced<\/a> that the nation&#8217;s budget deficit has already reached $1.3 trillion, with another month to go in the 2010 fiscal year.\u00a0 At 9.1% of gross domestic product (GDP), that makes it the second-largest deficit outside the World War II years, second only to last year&#8217;s deficit that reached 9.9% of GDP (mainly because GDP was lower in 2009 than 2010).\u00a0 In a generous act of understatement, the CBO attributed this mind-boggling amount to lower revenues and &#8220;elevated spending associated with the economic downturn and the policies implemented in response to it.&#8221;\u00a0 Another round of &#8220;stimulus,&#8221; anyone?<\/p>\n<p>To put that in perspective, take a look at this straightforward <a href=\"http:\/\/www.foxnews.com\/projects\/misc_images\/deficit_chart.jpg\" target=\"_blank\">bar graph<\/a>.\u00a0 President Bush&#8217;s final deficit was approximately $450 billion, which Obama tripled in his first year alone.\u00a0 Now, Obama&#8217;s second deficit continues that unbearable amount.\u00a0 Furthermore, efforts to scapegoat Bush for Obama&#8217;s first deficit fail, because such things as the $800 billion &#8220;stimulus&#8221; was Obama&#8217;s initiative, not Bush&#8217;s.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This week, the Congressional Budget Office announced that the nation&#8217;s budget deficit has already reached $1.3 trillion, with another month to go in the 2010 fiscal year.\u00a0 At 9.1% of gross domestic product (GDP), that makes it the second-largest deficit outside the World War II years, second only to last year&#8217;s deficit that reached 9.9% [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[40,59,19,102,24,35,61,179,105,71,28],"class_list":["post-7000","post","type-post","status-publish","format-standard","hentry","category-posts","tag-congressional-budget-office","tag-deficit","tag-economy","tag-free-market","tag-obama","tag-obamacare","tag-spending","tag-stimulus","tag-tax","tag-taxes","tag-tea-party"],"_links":{"self":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/7000","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/comments?post=7000"}],"version-history":[{"count":2,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/7000\/revisions"}],"predecessor-version":[{"id":7002,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/7000\/revisions\/7002"}],"wp:attachment":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/media?parent=7000"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/categories?post=7000"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/tags?post=7000"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}