"President Barack Obama’s budget proposal would add $6.4 trillion in deficits over the next decade, according to the Congressional Budget Office. The nonpartisan agency, in an analysis today of the administration’s February budget request, said it would produce a deficit of almost $1 trillion in 2013.
The blockbuster report demolishes White House claims last month that the Obama budget would reduce deficits by $3.2 trillion over the next decade. The CBO arrived at the huge figure even after even after taking credit for reduced war costs.
“The differences between the estimates from CBO and the White House budget office are attributable to different baselines and economic assumptions, and a big reason CBO expects the deficit to spike sharply under Obama's budget is that CBO's baseline assumes all the Bush-era tax rates will expire at the end of 2012,” The Hill reported..."
at http://www.newsmax.com/Headline/BGOVALL-BGOVBUDGE-BGOVTOP-BNALL/2012/03/16/id/432800
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