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March 19, 2011

Ooops, Barack Obama Understates Federal Deficits by $2.3 Trillion

Posted in: Barack Obama,Budget Deficits,Hope and Change,National Debt,Obamanation,Transparency

So whats an extra $2.3 trillion … nothing it appears to Barack Obama.

According to the CBO, President Barack Obama has underestimated the US’s federal budget deficit by $2.3 trillion. What ever happened to that being up front with the American people and transparency? The CBO does not agree with Obama’s numbers.  Obama appears to be using “hope & change” with the budget deficits.

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 future budget deficts hardly look like what the Obama White House is telling “We the People”.

But the agency also rejects the administration’s claims of more than $300 billion of that savings — to pay for preventing a cut in Medicare payments to doctors — because it doesn’t specify where it would come from. Likewise, CBO fails to credit the White House with an additional $328 billion that would come from unspecified “bipartisan financing” to pay for transportation infrastructure projects such as high speed rail lines and road and bridge construction.

Friday’s report actually predicts the deficit for the current budget year, which ends Sept. 30, won’t be as bad as the $1.6 trillion predicted by the administration and will instead register $200 billion less. But 10 years from now, CBO sees a $1.2 trillion deficit that’s almost $400 billion above White House projections.

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