President Revises Spending Numbers, Reveals $2 Trillion Oversight

Monday, August 24, 2009 1:00 PM by Mattie Duppler

We told you Friday to keep an eye out for the Administration’s forecast on the state of the economy.  On Friday night, senior officials released a statement that the projected budget shortfall would, in reality, be $2 trillion higher than what had initially been projected by the administration, bringing the grand total of spending in the red to $9.1 trillion.

While the President presumably released the numbers late Friday night in hopes of quelling opposition to the higher prediction, he has already come under scrutiny for sticking to his previous figures of $7 trillion after reports earlier this year estimated that overspending would reach $9.1 trillion by 2019. These latest numbers demonstrate the unsustainable and irresponsible path on which bailouts and “stimulus” spending have set the American economy and is a far-cry from the President’s campaign promise to “cut the deficit in half” in four years. Check out our Cost of Government Day report to see how these spending programs have put us on a path to higher taxes, fewer jobs and less wealth. More after the release of the actual report sometime this week.

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