News
Bloomberg | Obama’s 2013 Budget Projects $901 Billion Deficit in Proposal to Congress
President Barack Obama will revive proposals for $1.5 trillion in tax increases as well as spending to boost jobs as part of a 2013 budget request that projects the deficit shrinking next year to $901 billion.
FOX News | Gov't on pace for $1T deficit despite January dip
The federal deficit was lower through the first four months of the budget year than the same period last year. Still, the deficit is expected to top $1 trillion for the fourth year in a row, putting more pressure on Congress and President Barack Obama in an election year.
National Journal | Obama Budget Unlikely to Include New IMF Funds
The Obama administration has long insisted it will not ask Congress to send more money to the International Monetary Fund in order to prop up Europe’s troubled economies and financial system, a firewall that some analysts estimate could cost more than $1 trillion.
CNN Money | Obama budget: $901 billion deficit in 2013
President Obama will propose a budget on Monday that forecasts a $901 billion deficit in 2013, and includes plans to make targeted investments in areas like infrastructure while hiking taxes on the rich.
Econ Comments & Analysis
Washington Post | Budget quagmire revealed by Social Security disability program
The numbers are too big; the details, too complicated; and the choices, when faced, too wrenching. President Obama’s new budget, estimated at $3.5 trillion or more, will raise all these problems.
Blogs
CATO | The Obama Budget — Some Day My Cuts Will Come
It’s being reported that in his 2013 budget President Obama will propose to increase spending now and reduce the deficit some day. Isn’t that what every budget promises these days?
Daily Capitalist | Budget Travesty 2012
The budget, according to the documents, will forecast a $901 billion deficit for fiscal 2013, which would be equivalent to 5.5% of gross domestic product. That is up from the administration’s September forecast of a deficit of $833 billion, or 5.1% of GDP.
