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Debt Under Obama Budget

Debt Under Obama Budget

The news that arrived today in New York stated that if 2011’s budgets were come to affect as said, then the U.S federal Govt must have put an approximated $9.8 trillion to the country’s accumulated debt for the coming decade. An agency approximated that by 2020, the debt would reach over $20 trillion. This would put us at over 90 percent of GDP as compared to 53 percent of GDP in 2009. This research was done by economists Kenneth Rogoff and Carmen Reinhart.

The article first discusses the president’s proposal to draw out the 2001 and 2003 tax cuts for the absolute majority of Americans. The second topic discussed is the fact that they are proposing middle and upper middle class income families begin paying the Alternative Minimum Tax also known as (AMT).

“It points out the unwillingness of the administration to raise the revenues to pay for the size of government being proposed,” said Robert Bixby, an executive director of the watchdog group, Concord Coalition.

You can catch the full news @ money.cnn.com

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