Our latest podcast concerns the renomination of Ben Bernanke as the Chairman of the Federal Reserve.
A question was raised about timing. One speculates that it was chosen carefully to step on today’s release of deficit projections from the CBO, which will probably be even nastier than Christina Romer’s recent statement that we’re going to have $1 trillion yearly deficits for the next decade.
TNLWASHINGTON (MarketWatch) — The U.S. federal budget deficit will total $1.6 trillion in 2009, the Congressional Budget Office estimated Tuesday. At 11.2% of gross domestic product, that will be the highest since World War II. The CBO’s estimate is about the same as the Office of Management and Budget’s estiimate released earlier Tuesday. OMB said the 2009 deficit would reach $1.58 trillion in fiscal 2009.