Sunday, March 22, 2009

Senate's Conrad sees $1.6 trillion in extra deficit

Senate's Conrad sees $1.6 trillion in extra deficit; Reuters

U.S. Senate Budget Committee Chairman Kent Conrad said on Thursday he expects federal deficit spending will be about $1.6 trillion greater over the next ten years than President Barack Obama's budget plan forecasts.

Obama submitted his budget outline to Congress last month which forecast almost $7 trillion in deficits through 2019, however a worsening economic picture is expected to make the budget outlook darker.

Conrad told reporters that the additional $1.6 trillion over the next decade was based on projections of the Democratic majority's budget committee staff.

The Congressional Budget Office is due to issue its revised forecasts for the deficit and economic outlook on Friday, taking into account Obama's budget proposal which included health care reform and other domestic programs such as curbing greenhouse gas emissions and expanding education.

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