White House, Congress both predict $1.6 trillion deficit, differ on longer-term shortfall

October 7th, 2009 WASHINGTON - The US federal budget deficit tripled to about $1.4 trillion for fiscal year 2009 in the midst of the worst economic decline since the Great Depression, the office that keeps track of spending for Congress said Wednesday. The figure represented about 9.9 percent of gross domestic product (GDP), the highest percentage since 1945, the Congressional Budget Office said in a statement.

August 25th, 2009 Federal budget numbers now stratosphericWASHINGTON — It used to be the government's budget picture was measured in billions of dollars. No longer. Trillions, that's the yardstick of the 21st century.

August 25th, 2009 Most red ink ever: $9 trillion over next decadeWASHINGTON — In a chilling forecast, the White House is predicting a 10-year federal deficit of $9 trillion — more than the sum of all previous deficits since America's founding. And it says by the next decade's end the national debt will equal three-quarters of the entire U.S.

August 24th, 2009 Meltdown 101: Huge budget deficits expectedWASHINGTON — Get ready to hear a lot of huge numbers Tuesday: The Obama administration is expected to boost its estimate of the federal deficit over the next decade by $2 trillion, a move likely to trigger political wrangling over who's to blame and how harmful all the red ink will be. The White House's Office of Management and Budget is expected to forecast $9 trillion in deficits over the next 10 years, up from a $7 trillion estimate earlier this year, according to White House officials who spoke last week on the condition of anonymity.

August 22nd, 2009 AP sources: $2 trillion higher deficit projectedWASHINGTON — The Obama administration expects the federal deficit over the next decade to be $2 trillion bigger than previously estimated, White House officials said Friday, a setback for a president already facing a Congress and public wary over spending. The new projection, to be announced on Tuesday, is for a cumulative 2010-2019 deficit of $9 trillion instead of the $7 trillion previously estimated.

August 21st, 2009 AP source: $2 trillion higher deficit projectedWASHINGTON — A White House budget official says the Obama administration expects the federal deficit over the next decade to be $2 trillion bigger than previously estimated. The projection now is for a deficit of $9 trillion.

August 20th, 2009 AP source: Federal deficit less than projectedWASHINGTON — The federal budget picture will look slightly better next week. Relatively speaking.

August 20th, 2009 AP source: Deficit to be $1.58 trillion this yearWASHINGTON — The White House plans to announce the federal deficit will be about $262 billion less than officials predicted earlier this year — in part because the administration has provided less aid than expected to Wall Street. The federal deficit this year will total $1.58 trillion, a senior White House official said late Wednesday.

August 20th, 2009 AP source: White House projects lower deficitWASHINGTON — The federal budget picture will look slightly better next week. Relatively speaking.

June 10th, 2009 Budget deficit hits record for May of $189.7BWASHINGTON — The federal budget deficit soared to a record for May of $189.7 billion, pushing the tide of red ink close to $1 trillion with four months left in the budget year. The rising deficit reflects increased government spending due to the recession, and billions of dollars spent on bailouts for banks and other troubled companies.

May 11th, 2009 White House: Budget deficit to top $1.8 trillionWASHINGTON — With the economy performing worse than hoped, revised White House figures point to deepening budget deficits, with the government borrowing 50 cents for every dollar it spends this year. The deficit for the current budget year will rise by $89 billion to above $1.8 trillion — about four times the record set just last year.

March 21st, 2009 WASHINGTON - The bipartisan US Congressional Budget Office Friday said the ambitious reform projects of President Barack Obama combined with the huge federal stimulus programme would produce larger budget deficits than Obama has projected. But it also said it expected the recession to end by autumn, the Wall Street Journal reported.

February 27th, 2009 WASHINGTON - US President Barack Obama Thursday unveiled a budget blueprint for 2010 projecting a stunning deficit of $1.75 trillion for the current fiscal year that began last October with an over $1 trillion shortfall. Presenting the budget that he described as an 'honest accounting of where we are and where we intend to go', Obama said: 'There are times when you can afford to redecorate your house...and there are times when you have to focus on rebuilding its foundation.' Adding to the deficit are the costs of bank bailouts, the first wave of spending from the newly enacted stimulus plan and the continuing costs of the wars in Iraq and Afghanistan.

February 24th, 2009 WASHINGTON - Blaming exploding healthcare costs for a rising federal deficit, US President Barack Obama has pledged to cut the nation's $1.3 trillion deficit to half by the end of his first term. Meeting with the congressional leadership of both parties, as well as a range of business, academic, financial and labour leaders, Obama Monday warned that the US cannot continue its current rate of deficit spending without facing dire economic consequences.

January 6th, 2009 WASHINGTON - President-elect Barack Obama has warned Americans about the unparalleled prospect of 'trillion-dollar deficits for years to come', saying the exploding budget gap underscores the need for long-term reform of US finances. 'We're already looking at a $1 trillion budget deficit or close to a $1 trillion budget deficit, and potentially we've got $1 trillion deficits for years to come,' Obama told reporters Tuesday after a meeting with his economic and budget team.