I thought these guys were elected because they told us they knew how to fix everything but they constantly use the "hey we didn't know" excuse every time bad news is worse than they said it would be. Imagine if Bush said that;
WASHINGTON (AP) -- The federal government faces exploding deficits and
mounting debt over the next decade, White House officials predicted
Tuesday in a fiscal assessment far bleaker than what the Obama
administration had estimated just a few months ago.
released by the White House budget office foresee a cumulative $9
trillion deficit from 2010-2019, $2 trillion more than the
administration estimated in May. Moreover, the figures show the public
debt doubling by 2019 and reaching three-quarters the size of the
entire national economy.
Obama economic adviser Christina Romer
predicted unemployment could reach 10 percent this year and begin a
slow decline next year. Still, she said, the average unemployment will
be 9.3 in 2009 and 9.8 percent in 2010.
"This recession was
simply worse than the information that we and other forecasters had
back in last fall and early this winter," Romer said.
administration projections came on a day of competing economic news.
The Congressional Budget Office, which has predicted less economic
growth than the White House in the past, was also scheduled to announce
revised budget projections on Tuesday.