US Budget Deficit Sure to Drive Tax Increases
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The White House Office of Management and Budget announced last week in its Mid-Sesion Review that the cumulative budget deficits for the upcoming 10 years are projected to be $9.1 trillion. The smallest single-year deficit during that time will be $739 billion (the largest actual shortfall was last year’s $455 billion deficit). The “good” news is that the 2009 deficit looks like it will be smaller than initially forecasted, down from $1.84 trillion to $1.58 trillion. The bad news that we will see higher taxes in future years.
