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As economy bites, White House delays budget review
Published in Saudi Press Agency on 20 - 07 - 2009


As unemployment rises and
economic forecasts sour, the White House has delayed until
August the release of its mid-year budget review, which may
include a record-shattering deficit projection according to Reuters.
The review, a regular update of the executive branch's
outlook for the U.S. fiscal picture, is normally published in
July, but officials said it had been rescheduled because of
delays typical in years when a new president has taken office.
Republicans accused President Barack Obama's Democratic
administration, which is urging Congress to pass a costly
overhaul of the U.S. healthcare system, of sidelining bad news
on budget deficits until after lawmakers leave Washington for
their August recess.
"Let's be honest about what this is: an attempt to hide a
record-breaking deficit as Democratic leaders break arms to
rush through a government takeover of health care," said John
Boehner of Ohio, the top Republican in the House of
Representatives.
"By burying this budget update until after Congress leaves
town next month, the administration is not willing to own up to
the consequences of this dangerous fiscal agenda," he said.
The White House Office of Management and Budget called the
delay normal for the first year of a new presidential term.
"Because of the unique circumstances of a transition year,
we are -- like President George W. Bush in 2001 -- releasing
the Mid-Session Review a few weeks later than as is usual in
non-transition years," OMB spokesman Kenneth Baer said.
GETTING WORSE
In May, the White House pushed up its budget deficit
estimates for 2009 to $1.84 trillion -- representing a massive
12.9 percent of gross domestic product.
A White House forecast released in February projected a
deficit of $1.75 trillion, or 12.3 percent of GDP, for the 2009
fiscal year, which ends Sept. 30.
A worsening economic picture since those initial
projections will shape the latest review.
Unemployment hit a 26-year high of 9.5 percent in June and
is likely to keep rising, probably topping the psychologically
significant 10 percent level.
The Federal Reserve expects unemployment will fall modestly
in 2010, even though it expects economic growth to resume. In
the updated forecasts it released last week, the Fed estimated
that 2010 unemployment will be in the 9.5 percent to 9.8
percent range, gloomier than its April estimate of 9 percent to
9.5 percent.
The jobless rate takes a toll on the government's coffers,
with higher outlays going toward unemployment benefits and
lower revenues coming in from out-of-work citizens.
Soaring budget deficits have made it harder for Obama to
sell his domestic agenda, but the president argues healthcare
reform is critical now -- despite its cost -- to strengthen the
U.S. economy in the future.


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