U.S. President Barack Obama and Vice President Joe Biden
U.S. President Barack Obama's deficit projections are being labeled incorrect, off by as much as $1.2 trillion dollars. This spells terrible trouble for the U.S. economy and reaffirms the Judiciary Report's stated belief, President Obama's economic advisors are not going in the right direction.
As the Judiciary Report has maintained for several months, this massive spending the Obama Administration has undertaken, to correct the widespread damage of the Bush years, is going to end in economic disaster and a different America than you see today.
US deficit tops Obama forecast by 1.2 trillion dollars: CBO
WASHINGTON — US President Barack Obama has underestimated the government budget deficit for the next decade by 1.2 trillions dollars, estimates by Congress showed Friday.
Under Obama's latest budget projections, the cumulative deficit over the 2011-2020 period would be 8.532 trillion dollars, or 4.5 percent of gross domestic product, the nation's economic output.
But the Congressional Budget Office estimated Friday the deficit would snowball to 9.761 trillion dollars or 5.2 percent of GDP.
The CBO expects a deficit "1.2 trillion dollars greater over the 2011-2020 period than what the administration anticipates under the president's budget," CBO director Douglas Elmendorf said in a report Friday.
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