While the WH predicted the stimulus would bring unemployment below 8% and cash for clunkers would last for months, to which they were both wrong.
CBO or WH - who do you believe?
9 Trillion Dollar Man
The Obama administration will raise its 10-year budget deficit projection to roughly $9 trillion from $7.108 trillion in a report next week, a senior administration official told Reuters on Friday
“The new forecasts are based on new data that reflect how severe the economic downturn was in the late fall of last year and the winter of this year,” said the official, who is familiar with the plans.
“Our budget projections are now in line with the spring and summer projections that the Congressional Budget Office put out.”
The CBO said in June that deficits between 2010 and 2019 would total $9.1 trillion.