Congress Budget Chief Says Deficits Worrying

[Khephra]

WASHINGTON (Reuters) - Americans are right to be concerned about the long-term impact of budget deficits projected to reach $2.3 trillion over the next decade, but there is little near-term danger of an economic catastrophe, the head of the Congressional Budget Office said on Tuesday.

"It's proper for anyone, particularly the citizens of the United States, to be concerned about the long-run fiscal position," Doug Holtz-Eakin, director of the nonpartisan CBO said in an interview.

The dollar's value has dropped sharply against other currencies since President Bush was re-elected, partly on fears that his plans for further tax cuts and reforms of the social security pension scheme could wildly worsen the deficit problem.

The budget deficit hit a record $413 billion in the 2004 fiscal year ended Sept. 30 and the nonpartisan CBO has projected $2.3 trillion in accumulated deficits over the next decade.

http://reuters.com/newsArticle.jhtml?type=politicsNews&storyID=6764424

[NMDemDist2]

1. gee, ya think Mr Budget Chief? duh! n/t

[VegasWolf]

2. Doh! And the fundies want to focus on gay marriage while Rome burns!

[PROGRESSIVE1]

3. Don't worry about this, Bush will "solve" the problem...

with another round of tax cuts for the wealthy and Wall Street and an increase in Federal spending!

(this is a sacastic post, or is it?)

[VegasWolf]

4. Shh! don't want good ideas to get to the wrong people!

[MichiganVote]

5. Yeah, but we get to own it. And just think? No budget!!!

[orwell]

6. Shades of '29

"but there is little near-term danger of an economic catastrophe,"

Uh oh. Whenever you hear this it's time to duck and run...