The Obama administration estimated that the 10-year cumulative deficit would be around $7 trillion. Today, they tell us they’re going to release an update to that showing it’s going to be $9 trillion.
The $2 trillion revision, first reported by Reuters, stems from new data that showed the downturn was more severe than previously known, an administration official told Reuters.
“The new forecasts are based on new data that reflect how severe the economic downturn was in the late fall of last year and the winter of this year,” the official told Reuters, adding that the new projections “are now in line with the spring and summer projections that the Congressional Budget Office put out.”
And this is without Obamacare throwing it’s weight on the pile of debt.