Wednesday, Aug 26, 2009
Well, that's all right then ...
FT: US says debt outlook worsening
President Barack Obama announced his intention to reappoint Ben Bernanke as chairman of the Federal Reserve on Tuesday as the White House warned of a sharp deterioration in the US fiscal outlook. The announcement came as the White House pro jected the budget deficit would be $2,000bn higher over the next 10 years than it had predicted. Taken with a separate forecast by the independent Congressional Budget Office, the news presented a bleak picture of America’s deteriorating debt position. The CBO released sharply higher deficit projections predicting the 10-year deficit would reach $7,140bn, some $2,700bn more than it had thought in March. Unlike the White House’s calculations, the CBO estimate assumes all policies will stay exactly as they are.
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