from voanews: One key reason that U.S. President Barack Obama, his Democratic Party allies in the Congress and rival Republicans are squabbling over the budget is that the budget deficit is expected to hit its highest level in decades. Newly published budget documents say the deficit is forecast to hit 10.9 percent of the gross domestic product in 2011. Many economists say deficits above 3 percent are not sustainable. Mr. Obama's proposed budget is supposed to cut the deficit to a bit over 3 percent by 2015 with a combination of spending cuts and tax increases. Those proposed reductions would cut billions of dollars from 200 programs, including some that help poor people pay heating bills and others that help cities build water treatment facilities. The revenue increases would come from ending some tax breaks for the wealthiest Americans and oil companies.related econocrash updates:
video: borders files bankruptcy, closing up to 275 stores*
a disillusioned 99'er shares his disappointment with the american dream, welcomes death*
south carolina may adopt own currency*
'quarantines, mass evacuations, warrantless searches, slaughter of infected animals': a legal manual for an apocalyptic new york*
video: as wisconson shuts govt down, are americans finally reacting to economic rape?*
related obamessiah updates:
ron paul wins cpac presidential straw poll*
fox news passes off cpac 2010 footage of boos for ron paul as from cpac 2011*
sen. scott brown says he was abused by camp counselor as a child*
justice thomas silent on the bench for 5 years*
video: hillary heckled during speech*
veteran bloodied, bruised & arrested for standing silently*
ray mcgovern beaten as hillary smiles, talking about egyptian rights abuses*
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