The President’s 2011 budget proposal was so outrageously egregious that Obama had to hold a special conference on Monday just to spin the news.
The scope of the proposed budget for fiscal 2011 is $3.8 trillion. The difference between revenue and expenditures for this fiscal year will leave us with a deficit of $1.6 trillion and, amazingly enough, that shortfall will equal 10.6% of GDP—the highest since WWll and $200 billion more than 2009! Next year’s deficit is slated to post just a $300 billion reduction to $1.3 trillion.
Full article at: Private Sector
