Joined: Jan 2009
Location: Ann Arbor, MI
CBO: Obama budget produces 2013 deficit of $977B
By ANDREW TAYLOR - Associated Press | AP – 4 hrs ago
WASHINGTON (AP) — A new analysis of President Barack Obama's budget for next year says the deficit scenario isn't as rosy as the White House painted it.
Friday's Congressional Budget Office report said Obama's budget would produce a $977 billion deficit next year — $75 billion more than predicted by the White House.
The nonpartisan CBO said Obama's budget office consistently overestimates tax revenues over the coming decade. CBO predicts revenues on average that are about $120 billion less each year than predicted by the White House.
Still, CBO said Obama's budget would generate somewhat lower deficits over the coming decade than the White House predicts. Much of that is due to lower interest costs and less generous cost-of-living adjustments in Social Security benefits.
The forecasting differences aren't unusual and generally are caused by CBO's less optimistic view of the economy over the next couple of years. The White House forecasts higher income and corporate profits. Over the coming decade, CBO says Obama's policies would result in deficits totaling $6.4 trillion.
Deficits don't matter: http://www.usdebtclock.org/