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CBO Reduces 2010 Budget Deficit Estimate By $26 Billion, Increases 2011 Deficit Projection By $70 Billion
Just Reuters headlines for now: the CBO has reduced its 2010 budget deficit from $1.368 trillion to $1.342 trillion, even as it kicks the can down the road yet again, raising the 2011 budget deficit estimate from $0.966 trillion to $1.066 trillion: in other words a net deficit increase by $44 billion. Good thing nobody even cares about the 2012 number now that Mayan apocalypse predictions are fully priced into a Dow 36,000 number.
More when we get it.
The Congressional Budget Office will release its 2010 Budget and Economic Outlook: An Update on Thursday, August 19, at 10 a.m. The document will be available at that time on the agency's Web site.
There will be a press briefing following the release for credentialed
press only. CBO Director Douglas Elmendorf is scheduled to conduct the
on-the-record briefing at 11 a.m. A limited number of hard copies of the
report will be available at the briefing.
Date: Thursday, August 19, 2010 Time: 11 a.m. Location: Congressional Budget Office
Room 483
Ford House Office Bldg.
2nd & D Streets, S.W.
Washington, DC
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So did I miss the dip to buy for DOW 36K?
The trick, as always, is timing. When to exit Dow 36,000 before Dec 21, 2012. Too early, and will miss out on gains. Too late and you wont be able to spend profits before the world ends.
They may as well be using a ouija board.
Remember last year when, after bad reporting, Obama called the CBO head into the oval orifice for a little talk? I think the CBO is due for one of them air force one rides.
Yeah. Just to be pushed out the emergency hatch at 35,000 feet.
Silly wabbit! Congress already decided to not have a budget!
I'll be taking a closer look at this soon, but actually I think these are important, not for the information in the downgrades, but for the needling reminders to the major Treasuries buyers that the anciently reliable-enough CBO has been way behind the curve for years now and remains so, and its long past time to abandon hope that its forecast recovery of the fiscal balance will actually materialize.
Just a quick rant, I'll look in detail at the numbers later: http://keynesianfailure.wordpress.com/2010/08/19/another-day-another-downward-revision/
ps Stop blaming the Mayans! They never predicted anything special would happen in 2012. That's just some pseudo-historians' fantasy interpretation of a few unclear and fragmentary records.
THE NEXT LEG DOWN ...
http://stockmarket618.wordpress.com
How the hell can the CBO have a budget deficit projection for 2011 when there is no federal budget? Insanity reigns. It might be $1,066,000,000,000 negative but it might be $1,066,000,000,000,000 negative as well. How the hell do they know?
There are certainly a lot of details like that to take into consideration.I read and understand the entire article and I really enjoyed it to be honest.
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