Deficit Increase to $9 Trillion

Senior administration officials believe that the White House is more likely to have an increase of nearly $2 trillion in its estimated 10-year budget deficit nest week. The Obama administration has concluded that the economy last year was much worst than expected and tax revenues are extremely lower than what they had expected. This means that the estimated deficit will escalate from $7 trillion to about $9 trillion in the coming decade. This new revision will definitely be taken as really awful and terrible news for the Obama administration as Republicans have already began accusing Obama of "budget-busting" spending. Even Obama political supporter and billionaire investor, Warren Buffett, wrote in a letter that massive amount of spending leaves the country in unknown "fiscal territory" and that the government needs to take aggressive and essential steps to cut back on spending after the economy begins to blossom again because spending is only necessary in the short term. This is the reason any increase or worsening of the deficit is very much likely to be seen as negative for the White House. Everyone needs to understand that in order to overcome this recession it is necessary and important to do some stimulus spending to help the economy and everyone else. This is the only way the economy can be helped and everyone just needs to relax and be patient to see what happens next and only hope that the best will come in the coming years. The economy will prosper in the future once the administration takes all of the necessary steps and measures.