Cbo Baseline Shows Staggering Debt

[FirefightnRick]

http://corner.nationalreview.com/post/?q=Nzc5YzFlYmNlYjI5OGY4ODYyOGUwZGRiNWM0ZTJhNDI=

These deficits are driven by spending. Even if all the 2001 and 2003 tax cuts were extended and the AMT were patched, 2020 revenues would be just 0.7 percent of GDP below the historical average. Yet 2020 spending would be 5.2 percent of GDP above the historical average. This means that 88 percent of the additional deficits would come from higher spending and only 12 percent would come from lower revenues.

The numbers are truly staggering. Between 2009 and 2020, the national debt would increase by $130,000 per household. By 2020, net interest alone would cost $1 trillion – one-quarter of all tax revenues. Federal spending would reach 25.9 percent of GDP, shattering the post-war record. And these estimates do not include the cost of the president’s health-care and cap-and-trade proposals. His spending agenda — which would be unaffordable even in good budget times — is completely unrealistic given this sea of red ink.

Rick