On Wednesday, The Congressional Budget Office (CBO) released The 2011 Long-Term Budget Outlook: Testimony Before The House Budget Committee.
You can read the testimony at http://www.cbo.gov/doc.cfm?index=12253 if you have a few hours but here is the bottom line.
The report finds that President Obama’s economic stimulus program helped nearly double U.S. debt.
The CBO testimony reports that the “the combination of automatic budgetary responses” and Obama’s stimulus “had a profound impact on the federal budget.” According to CBO projections, before Obama’s stimulus became law, federal debt equaled 36 percent of GDP and was projected to decline slightly over the next few years. Instead, thanks in large part to the stimulus, debt reached 62 percent of GDP by 2010.
Hold on tight though, because debt will reach 70 percent of GDP by the end of this year – the highest percentage since World War II.
This is the result of the election of a community organizer to the presidency.
I cannot believe that this man believes that he is qualified or deserves to serve a second term as president or that anyone would actually vote for him.
