Deficits to be Brusing for Decades

The Associated Press (Link Here)

Peter Orszag, designated by Obama to run the Office of Management and Budget, told the Senate Budget Committee to expect budget deficits equaling 5 percent of the size of the economy for the next five or ten years. That would mean deficits of $750 billion or so over the next couple of years and steadily exceeding $1 trillion by the end of the next decade.

Current projections see a deficit for the ongoing budget year exceeding $1 trillion — and that's before enactment of Obama's $800 billion or so economy recovery plan. The Congressional Budget Office predicts a $1.2 trillion deficit for 2009, about 8 percent of gross domestic product.

This is the one predictable outcome from all the bailouts...we will have a large debt to pay.