Obama Budget Underestimates Deficit Over 10 Years, CBO Says

[I AM NOT THAT GUY 5,715]

March 5 (Bloomberg) -- President Barack Obama’s budget proposal would generate bigger deficits than advertised each year for the next decade, with the 10-year shortfall totaling $1.2 trillion more than the administration estimated, according to the Congressional Budget Office.

The nonpartisan CBO, in an annual analysis of the White House budget proposal, said today that under Obama’s plan deficits would never shrink below 4 percent of the economy between now and 2020. The cumulative deficits would total $9.76 trillion, and debt held by the public would amount to 90 percent of the nation’s gross domestic product by 2020, the CBO said.

By 2020, the federal debt would grow to $20.3 trillion under Obama’s budget, according to CBO.

Those figures are all higher than the administration estimated last month when it said its budget would cut the deficit to as low as 3.6 percent of GDP, with total shortfalls over 10 years totaling $8.5 trillion. The publicly held debt would grow to 77 percent of GDP in 2020, under the administration’s estimate.

This year’s deficit will total $1.5 trillion, according to the CBO report.

http://www.bloomberg.com/apps/news?pid=206...id=aVDEHvI9WH_Q

[Mr. Big Dog 10,747]

So what I am reading is that Obama's plan - whichever estimate you use - won't double the national debt over the next decade - a rare distinction someone else earned in less than 8 years in the not so distant past. Just sayin'...

[Hilarious Clinton 452]

So what I am reading is that Obama's plan - whichever estimate you use - won't double the national debt over the next decade - a rare distinction someone else earned in less than 8 years in the not so distant past. Just sayin'...

I call that 'putting a shine on a sneaker'.

[Mr. Big Dog 10,747]

I call that 'putting a shine on a sneaker'.

Sure, it's bad news all around. And it certainly can't go on like this. But let us not forget that this didn't happen in a vacuum either.

[Hilarious Clinton 452]

I hear ya. I might use my Bush effigy to light my Obama one on fire. The thing is that something has to change.

[luckytxn 2,264]

I hear ya. I might use my Bush effigy to light my Obama one on fire. The thing is that something has to change.

It won't when you only have two choices of rulers and they both spend a lot.

Even the low side is way too much. I am missing Clinton.

[Mr. Big Dog 10,747]

I am missing Clinton.

All the imperfections aside, the numbers looked good for sure.

[luckytxn 2,264]

All the imperfections aside, the numbers looked good for sure.

No one is perfect.