The US budget deficit will be $1.2 trillion more than predicted by the administration.
CBO Deficit Estimate
But, don’t worry. Team Obama was only off by a mere $600 billion in 2020, give or take $50 billion.
The CBO announced today that the US longterm deficit picture is even worse than originally predicted.
The AP reported:
A new congressional report released Friday says the United States’ long-term fiscal woes are even worse than predicted by President Barack Obama’s grim budget submission last month.
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The nonpartisan Congressional Budget Office predicts that Obama’s budget plans would generate deficits over the upcoming decade that would total $9.8 trillion. That’s $1.2 trillion more than predicted by the administration.
The agency says its future-year predictions of tax revenues are more pessimistic than the administration’s. That’s because CBO projects slightly slower economic growth than the White House.
The CBO predicted that the federal deficit would hit $1.5 trillion in 2010 under President Barack Obama’s proposals. This tops last year’s record deficit and is more than three times the deficit during George W. Bush’s last year in office.