$1 Trillion a Year Deficit for 10 Years

The Congressional Budget Office has bad news for The One:

President Obama's budget would generate deficits averaging almost $1 trillion a year over the next decade, according to the latest congressional estimates, significantly worse than predicted by the White House just last month.

The Congressional Budget Office figures, released Friday, predict Obama's budget will produce $9.3 trillion worth of red ink over 2010-2019. That's $2.3 trillion worse than the White House predicted in its budget.

Worst of all, CBO says the deficit under Obama's policies would never go below 4 percent of the size of the economy, figures that economists agree are unsustainable. By the end of the decade, the deficit would exceed 5 percent of gross domestic product, a dangerously high level.

White House spokesman Robert Gibbs said Friday that the new projections won't stop Obama from achieving his goals or keeping his promise to cut the country's red ink in half within four years.

Prudence would suggest that spending must be cut, but Prudence doesn't work for Obama. Look for massive tax hikes because all these programs Obama wants will be "too important to cut".