White House projects bigger deficits, bigger debt

White House officials project lingering high unemployment in the short term and a massive 10-year federal deficit of $9 trillion that feeds a ballooning national debt.
AUG 25, 2009
White House officials project lingering high unemployment in the short term and a massive 10-year federal deficit of $9 trillion that feeds a ballooning national debt. White House budget director Peter Orszag and economic adviser Christina Romer cited a worse-than-expected economic crisis for the dire fiscal landscape. The new projections were released Tuesday morning. In May, the administration had predicted a $7 trillion deficit for 2010-2019. In documents and in remarks, the White House officials said the economy this year will contract by 2.8 percent, more than twice what they had predicted earlier this year.

Latest News

Investor accuses Pentwater of manipulating Avis stock in short squeeze
Investor accuses Pentwater of manipulating Avis stock in short squeeze

A fund allegedly built a big stake, sparked a short squeeze, then sold as shares cratered

Point72, Citadel among hedge funds hit by AI vishing attacks
Point72, Citadel among hedge funds hit by AI vishing attacks

Hackers used AI voice cloning to target Point72, Citadel, Millennium and other major money managers on Wall Street.

Financial firms tie compensation to AI proficiency, PwC survey finds
Financial firms tie compensation to AI proficiency, PwC survey finds

Recruiters Philip Waxelbaum and Louis Diamond weigh in on whether AI skills are reshaping advisor pay amid PwC's Financial Services Workforce AI Survey.

Dispatch taps former Hightower, eMoney, and Focus leaders for founding board of advisors
Dispatch taps former Hightower, eMoney, and Focus leaders for founding board of advisors

Hightower's Bob Oros, eMoney's Stephen Langlois, and other industry veterans are joining the data infrastructure firm's inaugural advisory board.

Canadian securities regulators keep pressure on Vancouver financial advisor facing fraud claims.
Canadian securities regulators keep pressure on Vancouver financial advisor facing fraud claims.

Peter Cishecki is facing questions linked to his firm’s debt securities

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income