Balancing the Budget

The CBO released their update to budget projections from year 2008 through 2018 today, and the numbers don’t look good. And there’s this, from MarketWatch.

Unlike the February update, which showed the budget roughly in balance through 2018 under favorable assumptions, the September projection now sees deficits totaling $2.3 trillion over the next 10 years. Those projections assume that the 2001 and 2003 tax cuts expire and that the alternative minimum tax is not changed. If the tax cuts are extended as the White House and the McCain-Palin ticket want, the deficits over the next 10 years would be $4.2 trillion higher than now projected, CBO said.

Of course, $4.2 trillion is nothing $18 billion of pork-barrel busting can’t solve.

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