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CBO: Obama understates deficits by $2.3 trillion (Imagine that!!)
ap ^ | 03/18/2011 | ap

Posted on 03/18/2011 1:07:03 PM PDT by milwguy

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.

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 specifying 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. But 10 years from now, CBO sees a $1.2 trillion deficit that's almost $400 billion above White House projections.

The White House's goal is to reach a point where the budget is balanced except for interest payments on the $14 trillion national debt. Such "primary balance" occurs when the deficit is about 3 percent of the size of the economy, and economists say deficits of that magnitude are generally sustainable.

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Front Page News; Government; News/Current Events
KEYWORDS: democrats; liberalfascism; obama; obamatruthfile
WTF kind of Alice in Wonderland through the looking glass world are Barry and his sycophants living in? At the conclusion of the article they have a blog post from Jacob Lew. Either the man needs his medications changed or is just reading off the same teleprompter ol Barry is, because he sounds like a complete idiot.

"White House budget director Jacob Lew said in a blog post that "CBO confirms what we already know: current deficits are unacceptably high and if we stay on our current course and do nothing, the fiscal situation will hurt our recovery and hamstring future growth."

1 posted on 03/18/2011 1:07:05 PM PDT by milwguy
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To: milwguy

Why did the AP print this?


2 posted on 03/18/2011 1:08:39 PM PDT by mlocher (Is it time to cash in before I am taxed out?)
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To: milwguy

Not a big deal... isn’t a $trillion the new billion? If he gets the quad-trillion estimates in the right ballpark, aren’t we then okay?


3 posted on 03/18/2011 1:09:27 PM PDT by C210N (0bama, Making the US safe for Global Marxism)
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To: Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; EricTheRed_VocalMinority; ...

The list, ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/


4 posted on 03/18/2011 1:11:30 PM PDT by Nachum (The complete Obama list at www.nachumlist.com)
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To: milwguy

“We can -- and will -- lie to you cracker-dhimmis at will. It is our religion. ”



5 posted on 03/18/2011 1:15:01 PM PDT by Diogenesis (Si vis pacem, para bellum)
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To: mlocher

Ap? AP?

Hell is freezing over.

This is a good indication that the left is preparing to dump Barry. When even AP is pointing out the guy is a major fool, you know something else is in the works for the left.


6 posted on 03/18/2011 1:15:10 PM PDT by I still care (I miss my friends, bagels, and the NYC skyline - but not the taxes. I love the South.)
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To: milwguy

Yep - and in a few days, the CBO will release another report that says that Saint Barry Hussein’s newest bright idea will cut the deficit by three trillion....

The CBO sways back and forth with the slightest political breeze.....


7 posted on 03/18/2011 1:17:57 PM PDT by Uncle Ike (Rope is cheap, and there are lots of trees...)
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To: milwguy
The fix is in. Obamma could walk out on live television and shoot the Olsen twins dead, and it would not change a thing. He could be born in Kenya or Cuba and it would not matter. His whole existence is built on lies perpetuated on demand by the media.

He is the Magic Man with no past, present, or future. He is what we are told to think for the moment.

The bottom line is that he cannot fail, and anything he does not deliver on is someone elses fault.

8 posted on 03/18/2011 1:18:46 PM PDT by blackdog
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To: C210N
You will never get Ivy League twits like the ill-equipped crowd in the current administration to admit they don't know what they are doing. To admit that reality would crush the carefully constructed egos that sustain them. They need to be ‘special’, and it doesn't matter how many people they hurt along the way as long as they can keep the self-deluding fantasy going.
9 posted on 03/18/2011 1:20:22 PM PDT by pieceofthepuzzle
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To: I still care
This is a good indication that the left is preparing to dump Barry. When even AP is pointing out the guy is a major fool, you know something else is in the works for the left

Hillary already said she won't be back as SOS, so, maybe she'll leave early and take on Barry in the primary.

10 posted on 03/18/2011 1:21:12 PM PDT by Go Gordon
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To: milwguy

Overdrawn PING...


11 posted on 03/18/2011 1:23:29 PM PDT by Beaten Valve
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To: milwguy

A true Balanced Budget Amendment is so desperately needed to the US Constitution. At the current levels of taxation, were the government waste and unconstitutional spending cut - the debt could be paid off in a “reasonable” time frame.

But the problem is - the Federal Government does what so many irresponsible consumers do - they max out their credit cards, then take out loans/2nd mortgages to pay off those credit cards. While making those loan payments, they then re-max out their credit cards... The difference being - consumers finally get to a point that no-one will give them another dime of credit. The government just keeps on printing money (via the Fed), and issuing more bonds that are mortgaging our grand children and beyond.

What is really frustrating - time and time again, when taxes are cut, government income goes UP. Why? Less taxes paid means more money spent in the economy, which means more people working, which means more taxes paid. Also - when someone who owns a business pays less tax - they are far more likely to add workers (especially if his or her business improves because more people have money not being stolen...errr...excised by the government.

But libs (on BOTH sides of the isle) don’t care. All they see is - give us more of your money... but even if you don’t have any more to give, we will spend it anyway... just hand me some more blank checks.


12 posted on 03/18/2011 1:32:47 PM PDT by TheBattman (They exchanged the truth about God for a lie and worshiped and served the creature...)
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To: milwguy
Conversely, the report is a sobering blow to House Republicans charged with developing a budget blueprint that could satisfy its core supporters in the tea party. Republican lawmakers had already acknowledged that they won't be able to generate a budget that comes to balance by the end of the decade. Friday's news makes that task even more difficult.

Why is it just the Republicans' responsibility to be adults?

13 posted on 03/18/2011 1:42:56 PM PDT by Gondring (Paul Revere would have been flamed as a naysayer troll and told to go back to Boston.)
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To: milwguy
"Obama's budget saw deficits totaling $7.2 trillion over the same period."

This. Thus, when you add up the entire debt added by Obama it will exceed the debt created by evey single other President.....combined! We are sooooooo gone.

14 posted on 03/18/2011 2:17:49 PM PDT by circlecity
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To: milwguy

This SOB knows he’s a one-term president and most likely will not even be on the ballot, so he is determined to make America pay!


15 posted on 03/18/2011 2:25:26 PM PDT by TexasCajun
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To: TexasCajun

Simply astounding...and the LameStream media reports this crapola and doesn’t seem to care that the Obozo Admin is full of it...


16 posted on 03/18/2011 2:37:45 PM PDT by GRRRRR (He'll NEVER be my President, FUBO! Treason is the Reason! Impeach the Kenyan)
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To: milwguy

“White House budget director Jacob Lew said in a blog post that “CBO confirms what we already know”

Yes, namely that the budget picture is WAY worse than the official Obama budget numbers indicate and that we can’t rely on OMB to give us honest numbers.

The most charitable interpretation one could give to Lew’s comments is the following: “We already knew that the deficit would be $2.3T higher than we announced, but our boss didn’t want to let us make that information public.”

Forget “lies, damned lies and statistics.” This administration is working from the “pathetic lies, egregious lies, and unconscionable lies” playbook.


17 posted on 03/18/2011 2:41:02 PM PDT by DrC
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To: TexasCajun

Yeh whats a few trillion anyway? Chump change. We are the chumps.


18 posted on 03/18/2011 4:21:49 PM PDT by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped.)
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To: milwguy
A “mistake” of this magnitude cannot but be intentional.....and criminal.

This should be grounds for, if not impeachment proceedings, criminal action against the dolts that tried to perpetrate this fraud on the American public.

2 Frigg’in Trillion? Willful destruction of the USofA!

19 posted on 03/18/2011 11:09:20 PM PDT by HardStarboard (I'm sure George and Dick had quiet smiles while watching the election results!)
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To: TexasCajun
<<< so he is determined to make America pay!<<<

The question is, will the "payout" destroy the Country before his one term is up?

With the dollar on a knife edge, Japan needing cash to rebuild by selling its hoard of US Treasuries, and China in the CatBird seat..., not to mention Europe, our usual biggest trading partner going broke, how long do you think this crippled US Economy can keep crawling, before someone delivers a fatal kick to the kidneys?

20 posted on 03/18/2011 11:18:18 PM PDT by HardStarboard (I'm sure George and Dick had quiet smiles while watching the election results!)
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