According to the Washington Post, the Administration’s current policies will add $9.3 Trillion to the national deficit over the next decade.  This is a 14% increase over the White House’s previous projection of $8.5 Trillion.  The largest component of the increasing deficits is being caused by President Obama’s mid- and low-income tax cuts.

http://www.washingtonpost.com/wp-dyn/content/article/2010/03/05/AR2010030502974.html?hpid%3Dtopnews

For an eye-opening look at the U.S. and world debt landscape, below are two very useful interactive links to evaluate worldwide and U.S. public debt loads now and in the past.

http://buttonwood.economist.com/content/gdc

http://www.usgovernmentspending.com/federal_debt_chart.html

Current record levels do not bode well for interest rates and financial stability.

California’s $20 billion budget deficit and long history of high taxes, unfunded pension obligations and massive entitlement plans has creditors worried.  Recent debt downgrades and political gridlock will likely drive up future borrowing costs:

http://www.huffingtonpost.com/2010/03/01/californias-debt-now-risk_n_481058.html

http://www.treasurer.ca.gov/

To save some of your hard-earned taxes, check out tax planning strategies at: www.blakechristian.com

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