As my late grandfather Walter E. Marquart would say, there's a shit-storm coming ahead.........
Late on Friday the CBO put out its comparison of the Obama's budget, proposed back in February, with the CBO baseline assumption. The bottom line, and probably the main reason for the implicit S&P downgrade of the US, is that comparison the President's budget to the CBO baseline indicates that deficits are expected to rise by 41% over the next 10 years: the CBO project a deficit of $6.7 trillion while the President's number is $9.5 trillion, a 41% increase or $2.7 trillion.
Got printing presses?
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