CBO: Obama understates deficits by $2.3 trillion - PowerStrokeNation : Ford Powerstroke Diesel Forum
 
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post #1 of 5 (permalink) Old 03-19-2011, 03:13 AM Thread Starter
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CBO: Obama understates deficits by $2.3 trillion

CBO: Obama understates deficits by $2.3 trillion | ajc.com

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WASHINGTON ó A new assessment of President Barack Obama's budget released Friday says the White House underestimates future budget deficits by more than $2 trillion over the upcoming decade.

The estimate from the nonpartisan Congressional Budget Office says that if Obama's February budget submission is enacted into law it would produce deficits totaling $9.5 trillion over 10 years ó an average of almost $1 trillion a year.

Obama's budget saw deficits totaling $7.2 trillion over the same period.

The difference is chiefly because CBO has a less optimistic estimate of how much the government will collect in tax revenues, partly because the administration has rosier economic projections.

But the agency also rejects the administration's claims of more than $300 billion of that savings ó to pay for preventing a cut in Medicare payments to doctors ó because it doesn't specify where it would come from. Likewise, CBO fails to credit the White House with an additional $328 billion that would come from unspecified "bipartisan financing" to pay for transportation infrastructure projects such as high speed rail lines and road and bridge construction.

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post #2 of 5 (permalink) Old 03-19-2011, 03:19 AM
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Re: CBO: Obama understates deficits by $2.3 trillion

Saw that this morning

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post #3 of 5 (permalink) Old 03-19-2011, 03:22 AM
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Re: CBO: Obama understates deficits by $2.3 trillion

I read that earlier as well. The thing I have not been able to get my head around all day is, how over 7 trillion dollar deficit isn't an issue.

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post #4 of 5 (permalink) Old 03-19-2011, 04:29 AM
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Re: CBO: Obama understates deficits by $2.3 trillion

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Originally Posted by 02BigD View Post
I read that earlier as well. The thing I have not been able to get my head around all day is, how over 7 trillion dollar deficit isn't an issue.
Pocket is probably right, we don't want a wall between Mexico and the U.S. It will make it that much harder for us to sneak into Mexico and be an illegal immigrant in their nation.

Entrepreneurs and their small enterprises are responsible for almost all the economic growth in the United States.
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post #5 of 5 (permalink) Old 03-19-2011, 05:20 AM
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Re: CBO: Obama understates deficits by $2.3 trillion

Sometimes, "I told you so" isn't enough...

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