$160 billion in war funding for next two years

From Politico:

President Barack Obama’s new budget, to be released Monday, forecasts two consecutive years of near $160 billion in war funding, far more than he hoped when elected and only modestly less than the last years of the Bush Administration.

In 2011 alone, the revised numbers are triple what the president included in his spending plan a year ago. And the strain shows itself in new deficit projections, already hobbled by lagging revenues due to the weak economy.

The administration appears to be projecting a deficit of near $1.6 trillion for the current year and $1.3 trillion in 2011. That is even more pessimistic than Congressional Budget Office estimates last week, and it’s only in 2012 that the projections drop to the range of $800 billion to $700 billion.

By the end of the decade, the gap again widens, and as a percentage of GDP, the average appears above the 3% target viewed as sustainable.

Continue reading War spending surges in President Obama’s budget

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s