Mid-Session Review Blues
By Elizabeth Newell
Today OMB released the mid-session budget review, which updates the administration's economic forecast and budget projections. The update significantly increases projections for future deficits. The Office of Management and Budget now predicts the deficit for fiscal 2010 will exceed $1.5 trillion rather than the $1.3 trillion previously projected. Deficits are expected to average more than $800 billion a year through 2019.
On his blog, OMB Director Peter Orszag said additional steps will, of course, be necessary for the administration to reduce out-year deficits and he promised that the administration would "have more to say about all that" in the fiscal 2011 budget. Among those steps, he said, will be a continued effort to reduce spending and reform government contracting.
A major overhaul of federal contracting practices would clearly save the government - and taxpayers - money, but even if the administration hits their target of saving $40 billion a year through contracting reform, that's only a fraction of the $917 billion annual gap between revenue and spending the administration is now projecting.
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Government Executive Staff Correspondent Alyssa Rosenberg takes a look at news affecting the management and operations of the massive federal bureaucracy.
Inaction cost, $9trillion over the next decade, can not be compared to the balance between estimate and outcome in a worst case of scenario. Time does not fix endless greed and energy depletion.
hsr0601 Posted Wednesday, August 26, 2009 11:50 AMWhen the public health is also one of commodity like a house, we come to a tragic and unthinkable conclusion : As to for-profit business, the more and longer ill patients get, the more profits they make, and it will debilitate the overall economy involving education for the future, not to mention continued bankruptcy of middle class.
Of young adults ages 19 to 29, 13.2 million, or 29 percent, lacked coverage in 2007, and that implies the total of this promising reform will be cheaper than expected, I guess.