White House to paint grim fiscal picture

WASHINGTON (Reuters) - The White House will predict a record budget deficit in the current fiscal year and more big shortfalls for the next decade in its upcoming budget proposal, a congressional source told Reuters on Sunday.

In its budget proposal to be released on Monday, the White House predicts a record $1.6 trillion budget deficit for the fiscal year that ends September 30, the Capitol Hill source said.

According to the estimate, deficits will narrow to $700 billion by fiscal 2013 before gradually rising back to $1.0 trillion by the end of the decade, the source said.

President Barack Obama will seek to strike a balance between reducing the deficit over the long term and stimulating the economy in the short term to ease the pain of double-digit unemployment.

Criticized by Republicans as a big spender, Obama used his State of the Union address last week to tell Americans he would dig the country out of a "massive fiscal hole."

That hole is even deeper than previously believed, according to the estimate by the White House's Office of Management and Budget.

The estimate for the current fiscal year is significantly higher than the $1.35 trillion figure forecast by the nonpartisan Congressional Budget Office last week.

Despite the difference, both estimates indicate that the deficit will continue to hover at a level not seen since World War Two, when measured as a percentage of the economy. Last year the government posted a $1.4 trillion deficit.

THREE-YEAR FREEZE WON'T BE ENOUGH

In his budget, Obama will propose a three-year freeze on some domestic programs to save $20 billion next year and $250 billion over the coming decade.

But that will not be enough to get deficits down permanently to the 3 percent of gross domestic product that most economists consider sustainable.

Deficits are projected to fall as the economy recovers, but they will still average roughly 4.5 percent of GDP over the coming decade, according to the estimate.

Deficits are expected to rise again toward the end of the decade due to the increasing cost of retirement and healthcare programs as the "baby boom" generation retires.

Obama has warned that the burgeoning U.S. debt could unnerve U.S. financial markets, driving up borrowing costs and putting future economic growth at risk.

China, the biggest foreign holder of U.S. Treasuries, has urged the United States to get its fiscal house in order.

The grim forecast could help build support for a bipartisan commission proposed by the White House that would recommend ways to address long-term budget problems.

Obama and his fellow Democrats face a growing voter backlash for the aggressive spending measures they have taken to stimulate the economy.

But Democrats point out that most of the fiscal mess has been inherited from the previous administration of Republican George W. Bush, who cut taxes and created an expensive prescription drug-benefit while pursuing wars in Iraq and Afghanistan.

The recession, which began in December 2007 and ended last year, also worsened the fiscal picture by depressing government revenues while forcing up spending on unemployment benefits and other safety-net programs.

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Glenn Beck: THIS is why Biden nominated Merrick Garland as attorney general

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Many will remember President Biden's attorney general nominee Merrick Garland as the man Republicans refused to hold a Supreme Court confirmation hearing for back in 2016. So, was Garland's AG nomination just meant to be a slap in the face to Republicans? Glenn Beck thinks there's a lot more to it.

Given how focused Democrats are on rooting out vaguely defined "right-wing extremism," Garland's work in supervising the prosecution of the 1995 Oklahoma City bombing suspects gives us a hint, Glenn suggested on radio this week. He said he's "all for" stopping dangerous extremists, but couldn't help noticing how Garland isn't talking about any of the destruction that happened over the summer.

"I am all for justice. I am all for making sure we catch the bad guys, as long as the bad guys are not defined to be on only one side," Glenn said. "Merrick Garland said [Monday] that there was no comparison between what happened on January 6th and what happened over the summer. That is because the Washington elites see themselves as better than somebody who owns a taco stand. I don't. The Constitution doesn't. They are the same crime."

Watch the video clip below to hear more from Glenn:

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"All rich countries should move to 100% synthetic beef. You can get used to the taste difference," said holy anointed billionaire Bill Gates. Green activism has been around for decades. But what used to be wacky has now worked its way into the world's power structure. You must believe the science. You cannot question the science.

The Texas power failure provided America with a disturbing and deadly preview of the Great Reset. But Bill Gates, AOC, and other Democrats say this only proves we need to enforce MORE green policies.

On his Wednesday night special this week, Glenn Beck reveals how deep the Great Reset tentacles reach into government and business to strangle freedom and their efforts to control every aspect of your private life.

Watch the full episode below:

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Why are we letting criminals out of prison while putting pastors in? Pastor James Coates of Canada's GraceLife Church was recently fined, arrested, and put in maximum security prison for violating lockdown rules.

Rebel News founder Ezra Levant joined Glenn Beck on "Glenn TV" to discuss the story. Ezra said he's noticed a trend of government officials "picking on" Christians as "lockdownism" becomes almost a new kind of religion, and warned this might be just the start of more persecution to come.

Watch the video below to catch more of the conversation:


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As politicians and the mainstream media continue to insist that America is divided and at each other's throats, Dr. Ben Carson has a different message. He joined the "Glenn Beck Podcast" this week to discuss his time in the Trump administration and how we move forward and heal America. Overall, he says, we must realize "Americans are NOT each other's enemies."

Watch the video clip below to catch more of the conversation, or enjoy the full interview with Dr. Ben Carson here.

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