By Trish Turner
A new, nonpartisan analysis of President Obama's proposed 10-year budget revealed Friday that the administration underestimated future deficits by more than $2 trillion.
In a preliminary report, the Congressional Budget Office (CBO) calculated, "In all, deficits would total $9.5 trillion between 2012 and 2021 under the president's budget." The Obama budget projected $7.2 trillion deficits over the same period.
Even more alarming, the CBO estimates that the "federal debt held by the public would double under the president's budget, growing from $10.4 trillion (69 percent of GDP) at the end of 2011 to $20.8 trillion (87 percent of GDP) at the end of 2021."
The biggest hole in the president's budget, according to the nonpartisan congressional number crun
|Liveleak on Facebook|