CBO regularly publishes reports presenting projections that indicate what federal deficits
, debt, revenues, and spendingand the economic path underlying themwould be for the current year and for the next 10 years if existing laws governing taxes and spending generally remained unchanged.
It passed the verbosely named "Gramm-Rudman-Hollings Balance Budget and Emergency Deficit Control Act of 1985," followed by the "Balance Budget and Emergency Deficit Control Reaffirmation Act of 1987." As already noted, those long-abandoned laws never succeeded in getting annual federal deficits
below $100 billion.
President Obama barely had finished outlining his plan to cut federal deficits
by more than $3 trillion over 10 years before Republicans began denouncing it as "class warfare."
Ahead of negotiations to reduce federal deficits
in the coming years, President Barack Obama has backed a mix of spending and tax increases.
The real crime of federal economic irresponsibility is that we ran federal deficits
during the 30-year period prior to Obama's election.
Since 1992, GAO has published long-term fiscal simulations of what might happen to federal deficits
and debt levels under varying policy assumptions.
"He has elevated federal deficits
to new levels, and sent hither swarms of dollars to finance our spending, which are silently eating out our substance through the insidious tax of inflation.
National health care remains a sham system run by a few for a few, and federal deficits
and national debt are surging.
He writes: "The Congressional Budget Office projects federal deficits
over the next five years of a staggering $1.08 trillion, on top of an existing government debt in February 2003 of $6.4 trillion." But by January 2004 the CBO had to revise the numbers, forecasting a deficit of $1.4 trillion over the five years after 2004 (much higher if the tax cuts are made permanent, as the president wants), added to a $6.8 trillion total at the end of 2003.
During the past 30 years, there was no statistically significant correlation between real growth or decline in the defense budget and federal deficits
measured as a percentage of GDP.
African Americans, haunted by double-digit unemployment rates and federal deficits
to cover policy makers with excuses for not funding programs, now face another threat: a "buy now, pay later" federal budget that mortgages the future and proposes tax cuts that favor America's rich.
* The President's original proposal to provide a medication benefit for Medicare, lost in a combination of Democratic party opposition and rising federal deficits
. A far more modest benefit that rests on the generosity of managed Medicare plans was proposed in the 2003 State of the Union address and has received tepid support in Congress.