Taegan Goddard's Political Wire

August 25, 2009

Deficit Expected to Hit $9 Trillion for Decade

"The Obama administration, citing an economic downturn that has been deeper than it had first thought, raised its estimate on Tuesday of the government's deficit over the next decade to $9 trillion from $7.1 trillion," reports the New York Times.

"White House officials predicted that the budget deficit this year will peak at $1.5 trillion, though they said the 2009 shortfall will be about $261 billion lower than they had predicted in May. The main reason is that officials have decided that they will not need another round of bailout money for the nation's banks."

However, Politico notes that the White House claims "more than half of the projected deficits over the next 10 years are directly attributable to the previous Administration's failure to follow the pay-as-you-go principle."

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Taegan D. Goddard is the founder of Political Wire, one of the earliest and most influential political web sites.

Goddard spent more than a decade as managing director and chief operating officer of a prominent investment firm in New York City. Previously, he was a policy adviser to a U.S. Senator and Governor.

Goddard is also co-author of You Won - Now What? (Scribner, 1998), a political management book hailed by prominent journalists and politicians from both parties. In addition, Goddard's essays on politics and public policy have appeared in dozens of newspapers across the country, including the Washington Post, USA Today, Boston Globe, San Francisco Chronicle, Chicago Tribune, Philadelphia Inquirer and Christian Science Monitor.

Goddard earned degrees from Vassar College and Harvard University. He lives in New York with his wife and three sons.

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