OMB Predicts Ten-Year Deficit Will Be $9 Trillion


That’s roughly $2 trillion more than the White House predicted in May, and it includes the costs of Obama’s health-care overhaul. “The size of the fiscal gap is precisely why we must enact fiscally well designed health care reform now,” OMB director Peter Orszag said. The U.S.’s total debt in 2019 would be $17.5 trillion, about triple what it is now, which would be more than three quarters the gross domestic product by then. According to the Times, that’s by far the highest percentage in the past half-century. [NYT]