Remember when Obama promised to cut the projected deficits by $1.1 trillion, well it turns out the deficits will be $2.3 trillion higher than claimed

Even the CBO has big problems with Obama's claims about the budget deficit. Instead of decreasing deficits by $1.1 trillion, he will actually increase it by $1.2 trillion. Remember when Obama promised during the presidential debates to cut the deficit?

Compared with the Administration's estimates, CBO's estimates of the deficit under the President's budget are lower for 2011 (by $220 billion) but higher for each year thereafter (by a total of $2.3 trillion over the 2012–2021 period). That disparity stems from differences in the underlying projections of what would happen under current law ($1.3 trillion) as well as from differing assessments of the effects of the President's proposals ($1.0 trillion).

Politico has this:

Altogether, the report raises significant questions about the administration's projections, as well as the White House's mantra of responsibility in government.

Republicans have already seized on the report, saying that Obama has always overstated his administration's posture on deficit reduction, and the CBO has only confirmed what they have said all along: that the president's budget actually raises the deficit over time, instead of lowering it.

"In short, the CBO analysis proves that the president’s budget accelerates our dangerous and unsustainable trajectory. It is the most irresponsible spending plan a president has put forward in our time," said Jeff Sessions, the Senate Budget Committee's ranking Republican.

The CBO cites differences in the budgetary effects of Obama's programs, such as a freeze on Medicare's payment rates to physicians, increased transportation spending, and the cost of military engagement in Afghanistan and Iraq. . . . .

During President Bush's four years in office, the national debt went from $5.6 to $9.1 trillion -- a $3.5 trillion increase. Obama's first three years in office have already easily eclipsed that number, and it looks as if any three years he is in office will greatly exceed it.

Note that the Obama numbers contained a lot of unspecified cuts.

Incredibly, the Obama administration doesn’t identify where $650 billion of its $1.1 trillion reduction in the deficit is supposed to come from. But the president doesn’t want to take the heat of identifying specific cuts. Instead the president says that he is depending on Congress to figure out those savings.



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