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Media

24/7 Wall St. TV: The Deficit Forecast Moves Above $9 Trillion

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By Douglas A. McIntyre Updated Published
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24/7 WallSt TVThe Administration  raised its budget deficit forecast for the next ten years to $9.05 trillion from $7.1 trillion, an astonishing 27% increase.

The new estimate is much closer to the number that the Congressional Budget Office posted earlier this year. The CBO increased its forecast for GDP contration in 2009 as well.

One of the reasons for the change in The White House numbers is that tax receipts are running below estimates due to the recession. The Administration believed unemployment would peak at 8%.

[youtube=http://www.youtube.com/watch?v=Cw-l9YfCAko&w=560&h=340&fmt=18]

The only realistic alternative that will work to help the rising red ink is too cut government spending. The Congress and The White House have not shown much interest in that. But, the time is coming when their hands may be forced. That leaves the only open question as which programs will be slashed and which will be preserved.

For more 24/7 Wall St. TV visit us here.

Executive Producer: Philip MacDonald

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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