Congressional Budget Office Sees a Record Deficit in '09 – Want To Know How Much?
Did you see the news today and the budget deficit that the CBO is projecting? $1.2 TRILLION! You need to read the book ( I.O.U.S.A. ) that I talked about yesterday. There is no better time than now to start a business for yourself, if you haven’t already. Here’s part of the story below on msnbc .
The U.S. federal budget deficit will hit an unparalleled $1.2 trillion for the 2009 budget year, according to grim new Congressional Budget Office figures.
The CBO estimate released Wednesday also sees the U.S. economy shrinking by 2.2 percent this year and recovering only slightly in 2010, and the unemployment rate eclipsing 9 percent early next year unless the Obama administration steps in.
"The recession — which began about a year ago — will last well into 2009," the CBO report says.
The dismal figures come a day after President-elect Barack Obama warned of "trillion-dollar deficits for years to come."
CBO’s figures don’t account for the huge economic stimulus bill that Obama is expected to propose soon to try to jolt the economy. At the same time, they do not reflect the full cost of the Wall Street bailout.
Obama on Wednesday chose a former Clinton Treasury Department official to head up a new office that will closely follow how well federal programs are working.
"We can no longer afford to sustain the old ways when we know there are new and more efficient ways to getting the job done," Obama said at a news conference at his transition headquarters. Read the balance here….
What are your thoughts about the deficit? 
Until next time, J.
"Take control of your destiny or someone else will"
January 07 2009 12:43 pm | Home Business Ideas, Misc Ranting, Retirement, Wealth Strategies
