The Congressional Budget Office projects that the national debt under President Obama’s policies will rise to $21.665 trillion by 2022, according to its updated budget outlook.
The updated outlook, released Tuesday, found that current Obama administration policies will result in a 50 percent increase in debt held by the public and a 40 percent increase in intra-governmental debt held in the trust funds of entitlement programs.
“As a result, gross federal debt is projected to climb every year from 2012 to 2022, reaching $21.7 trillion in 2022—47 percent more than its total of $14.8 trillion at the end of 2011.”
These projections come under CBO’s so-called baseline scenario, which assumes that all provisions of current law go into effect – including the massive tax increases currently scheduled to take effect in 2013 when the Bush tax rates are set to expire.
This is going to collapse and there’s no doubt about it. It’s just a matter of when. And every time somebody tries to address the problem, the democrats, led by obama, screech like crazy and insist on spending more and more.
Posted: 02.02.12 @ 5:34 a.m.