On last Friday, US Congressional Auditors said, US President Barack Obama's budget will expected to produce $9.3 trillion as budget deficit over the next decade. This deficit amount is 4 time higher than that of previous president Bush Jr.
Moreover, the Auditors expectations are differing largely with the administration's expectations. The US Administration previously expected $2.3 trillion as budget deficit.
The huge budget deficit ultimately giving a signal that current US Administration need to raise the tax level to overcome the budget deficit after the situation improved.
White House Budget Chief Peter Orszag already mentioned Auditor's expectations as too much pessimistic. They still believe, The Obama's budget, if enacted, will produce much less deficit then expectations.
Republican politicians are on their shoes after the publication of Auditor's comment. They urged everybody to treat this as wake up call for the Administration. But Obama indicate that he will continue all his activity as per planed.
Obama propose $3.6 trillion as budget for 2010 which contain programs with high hope to fight against the global recession.
Moreover, the Auditors expectations are differing largely with the administration's expectations. The US Administration previously expected $2.3 trillion as budget deficit.
The huge budget deficit ultimately giving a signal that current US Administration need to raise the tax level to overcome the budget deficit after the situation improved.
White House Budget Chief Peter Orszag already mentioned Auditor's expectations as too much pessimistic. They still believe, The Obama's budget, if enacted, will produce much less deficit then expectations.
Republican politicians are on their shoes after the publication of Auditor's comment. They urged everybody to treat this as wake up call for the Administration. But Obama indicate that he will continue all his activity as per planed.
Obama propose $3.6 trillion as budget for 2010 which contain programs with high hope to fight against the global recession.
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