CBO: Obama understates deficits by $2.3 trillion

[jack sommerset]

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.

http://news.yahoo.com/s/ap/20110318/ap_on_bi_ge/us_obama_budget

[CosmicCowboy]

And the sad part is, the CBO is also notoriously optimistic. They have to assume that all things like "temporary" tax cuts etc. will sunset when they expire and not be renewed.

[Winehole23]

Sucks to be us.

[Winehole23]

hey have to assume that all things like "temporary" tax cuts etc. will sunset when they expire and not be renewed.Let's hope so. We can't afford more deficit financed cuts.

[jack sommerset]

Understated my ass. That is down right criminal.

[Winehole23]

Perhaps, but it's also SOP. Fuzzy math wasn't invented by Obama.

[boutons_deux]

You love to foreget that the deficit is caused by cratered tax receipts from the criminal Banksters' Great Depression, from dubya's tax cuts for the super-wealthy, and dubya's two botched wars, not from excessive, luxurious Dem pending.

Cutting spending to weaken and gut government is exactly what the VRWC wants, so there will less or no barriers to their continued, winner-kill-all predations.

[Wild Cobra]

And the sad part is, the CBO is also notoriously optimistic. They have to assume that all things like "temporary" tax cuts etc. will sunset when they expire and not be renewed.
Isn't that the truth. Aren't the statistics something like 95% of things they score costs more than projected? Half of that substantially more?

[Winehole23]

dubya's two botched wars, not from excessive, luxurious Dem pending.What about extending the tax cuts? Obama and the Dems own that part of the deficit, another $2T over 2 years.

Cutting spending to weaken and gut government is exactly what the VRWC wants, so there will less or no barriers to their continued, winner-kill-all predations.The beauty thing is, starving the beast won't work. It'll just lead to higher spending and higher deficits.

[Winehole23]

http://www.forbes.com/2010/05/06/tax-cuts-republicans-starve-the-beast-columnists-bruce-bartlett_print.html

[Winehole23]

(recalled by heart. haven't read the Bartlett article in awhile.)

[Winehole23]

I know, I know, the GOP really means it this time.

[Winehole23]

(bullshit)

[Marcus Bryant]

I know, I know, the GOP really means it this time.

:greedy

[RandomGuy]

A president's budget and/or economic forecast is overly optimistic?

Shocker.

In case you can't tell, I'm being sarcastic.

[Marcus Bryant]

(recalled by heart. haven't read the Bartlett article in awhile.)

Thanks. Main street fiscal conservatism is replaced by Keynesianism masquerading as rugged individualism. What the New Deal and the Cold War didn't kill, the War on Terror finished off.

[Marcus Bryant]

Any economic downturn is a matter of national security and an affront to the greatest ever imperial brand in the history of mankind. The hockey stick 4ever.