A0 Answer to class 6 Application

A0 Answer to class 6 Application - Answer to class 6...

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Answer to class 6 Application Budget Deficit to Reach $1.35 Trillion for 2010 WSJ 1-26-2010 By JOHN D. MCKINNON The Congressional Budget Office on Tuesday called the U.S. budget outlook "bleak," in a forecast that hurts the chances for extending Bush-era tax cuts and raises pressure for fiscal belt- tightening. In its annual report, the nonpartisan CBO pegged the 2010 U.S. budget deficit at $1.35 trillion, a slight decrease from the $1.4 trillion 2009 deficit that set a post-World War II record. . The CBO said the government will run an aggregate deficit of about $6 trillion during the next decade, a level that many economists worry could lead to currency shock, inflation, crippling interest rates or other economic maladies. At the end of 2009, debt held by the public exceeded $7.5 trillion, or about 53% of GDP, the CBO said in the report. By the end of 2020, "debt is projected to climb to $15 trillion, or 67% of GDP," CBO director Doug Elmendorf said on his blog post. "With such a large increase in debt…interest payments on the debt are poised to skyrocket."
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