President Obama’s 2011 budget proposal was so outrageously egregious that he had to hold a special press conference on Monday just to spin the news.
The scope of the proposed budget for fiscal 2011 is $3.8 trillion. The difference between revenue and expenditures for the current fiscal year will leave us with a deficit of $1.6 trillion. Amazingly, that shortfall will equal 10.6% of gross domestic product–the highest since World War II. For 2011, Obama’s own Office of Management and Budget projects the deficit will fall by just $300 billion to $1.3 trillion, or 8.3% of GDP, the second highest since WWII.
Read the rest here: Deficit Will Push Economy Over The Cliff – Forbes.com.