President Barack Obama will forecast a 2009 deficit of $1.75 trillion in a budget proposal Thursday that sets goals of overhauling the healthcare system and shoring up the U.S. economy. The huge deficit would represent 12.3% of U.S. gross domestic product - the largest share since World War II...
Obama, a Democrat, has pledged to halve the more-than $1 trillion deficit he inherited from former Republican President George W. Bush in four years. The budget lays out spending cuts in agriculture subsidies and other areas to meet that goal...
Obama's $1.75 trillion budget deficit forecast for this year reflects shortfalls accumulated under Bush as well as new spending proposals under the $787 economic stimulus package that the Democratic president recently signed...
Obama will aim to bring the deficit down by 2013 to $533 billion, or 3% of GDP...
read the CNN article
My thoughts: In less than a week and the estimated deficit has increased from $1.3 to $1.75 trillion. It is likely to end (9/30/09) well above $2 trillion. It could be years before the deficit drops below $1 trillion.
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