Obama Regime Understates Deficits by $2.3 Trillion
March 19th, 2011Maybe they’re anticipating finding the missing $2.3 trillion that Rumsfeld mentioned on September 10, 2001.
Via: AP:
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 — 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.
