CBO Budget Outlook: W's Legacy Still Intact

The Congressional Budget Office has released its outlook for the next 10 fiscal years. The report estimates our current deficit at around $250 billion, once you factor in how much is flying down the shitter for the wars:

Officially, CBO predicts the 2008 deficit at $219 billion, but that figure fails to account for at least an additional $30 billion in war costs and the likely infusion of deficit-financed economic stimulus measures such as income tax rebates, business tax breaks and help for the unemployed now under discussion on Capitol Hill and at the White House.

As senator Kent Conrad (D-ND) pointed out, you'll be able to increase that figure significantly when the upcoming $150 billion economic stimulus goes through. CBO Director Peter Orszag made it clear in his testimony what has to happen to get us back on track:

"A substantial reduction in the growth of spending, a significant increase in tax revenues relative to the size of the economy, or some combination of the two will be necessary to maintain the nation's long-term fiscal stability," Orszag said.

And there's a part of Bush's legacy for everyone to enjoy. Next year, I'll be sure to remind everyone what kind of state we're in on the last day of his tenure so that there's no confusion over these problems suddenly appearing when a Democrat president gets sworn in.