"This new CBO data makes it clear that our children and grandchildren will end up buried under a mountain of debt if we continue taxing, spending and borrowing at these dangerous levels," House Minority Leader John Boehner, R-Ohio, said. "How many alarm bells have to be set off before Washington Democrats get serious about tackling dangerous budget deficits?"
Economists say the best measure of the deficit is to compare it with the size of the economy. On those terms, the 2009 deficit reached almost 10 percent of gross domestic product, a level not witnessed since World War II.
The White House says it wants deficits in the next few years to stabilize at or below 3 percent of GDP. But by the White House's own estimates released in August -- which predicted deficits averaging about 4 percent through the rest of the decade -- it would take several hundreds of billions of dollars in new taxes or spending curbs to just get the deficit down to 3 percent of GDP.
Now they want to spend another $800+ billion on Obamacare.
Anyone else seeing a problem here?
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