Monster Deficits For Next Decade
That’s according to the latest report from the Congressional Budget Office, which forecast trillion-dollar-plus federal deficits stretching over the next 10 years. This from The Hill:
The Congressional Budget Office (CBO) said President Barack Obama’s budget would lead to annual deficits averaging nearly $1 trillion for the next decade.
The estimates are for larger deficits than the budget shortfalls expected by the White House. Annual deficits under Obama’s budget plan would be about $976 billion from 2011 through 2020, according to a CBO analysis of Obama’s plan released Friday.
The Obama administration estimated its policies would lead to an average annual budget shortfall of $853 billion for the next 10 years.
The difference is that Obama’s estimate expects more tax revenue.
Spread. The. Wealth.
Hope. And. Change.
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