[ExI] Debt tsunami

[Damien Broderick]

At 12:20 AM 5/4/2009 -0400, Rafal wrote:

>### Damien, did you read what they mean by "baseline" in this context?
>Baseline is roughly what would have happened if Obama didn't exist.

Ah. Christ, I'm really having a bad day with the 
munged quotes. But it would have helped the 
magpie mind if you'd cited Table 1-4 rather than Table 1-2.

<In 2010, the deficit under the President’s 
budget would fall to 9.6 percent of GDP, or 
nearly $1.4 trillion, CBO estimates--$241 billion 
more than the deficit of $1.1 trillion that CBO 
projects under current laws and policies... That 
difference is largely attributable to additional 
spending for the government’s actions to 
stabilize financial markets ($125 billion); 
defense spending, primarily for ongoing military 
opera­tions in Iraq and Afghanistan and other 
activities related to the war on terrorism ($50 
billion); and various revenue reductions ($45 
billion). In total, outlays next year would 
measure 25.5 percent of GDP under the President’s 
poli­cies, and revenues would amount to 15.9 percent.>

Damien Broderick