Cancel 2018. 3
<-- sched 2, MJ sched 1
WASHINGTON – 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.
http://news.yahoo.com/s/ap/20110318/ap_on_bi_ge/us_obama_budget
cbo has been wrong before, more than once....so what does our resident CBO worshipper nigeltunnelvision think of this report?
accurate? off base? what say you nigel?
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.
http://news.yahoo.com/s/ap/20110318/ap_on_bi_ge/us_obama_budget
cbo has been wrong before, more than once....so what does our resident CBO worshipper nigeltunnelvision think of this report?
accurate? off base? what say you nigel?