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OMB Director Peter Orszag announced Monday that a $90 billion increase in the estimated deficit for each of the next two years would bring the deficit for fiscal year 2009 to $1.8 trillion and for 2010 to $1.3 trillion. President Obama's proposed budget for 2010 is $3.6 trillion. The 2009 budget was set at $3.1 trillion.
Those numbers are up from February's estimates. The budget deficits will be 12.9 percent and 8.5 percent of gross domestic product in those two years, Orszag said. The budget deficit for fiscal year 2009, which ends Sept. 30, is four times the record set last year.
Why do we not see any improvement on economy even though Obama keeps spending billion dollars?
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