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Today the White House raised its budget deficit forecast for this fiscal year ending Sept. 30 by $89 billion and forecasts an additional $87 billion deficit in 2010 over previous estimates. The new 2009 deficit number weighs in at $1.84 trillion--the largest in American history. The deficit alone amounts to about 12.9 percent of our economic output this year.
Democrats have sounded off opposition to Obama's $17 billion budget cut even in the face of new deficit records. We need to cut spending significantly and soon to avoid massive taxation. The president's proposal is a modest start but some members of Congress have said they would make proposals for cuts as well. Maybe the new deficit highs will encourage some more sense in Washington and drive Congress to make big cuts.