Sugar-coating the Deficit

Caveat emptor.

Those peeling back the candy layers of the goodie-filled Obama budget have discovered it’s “buyer beware.”

It seems the President is overly optimistic, clueless, or just downright deceitful about the cost of his proposals and the long-term impact on the U.S. deficit.

Fox News reports,

President Obama’s budget would generate deficits averaging almost $1 trillion a year over the next decade, according to the latest congressional estimates, significantly worse than predicted by the White House just last month.

The Congressional Budget Office figures, released Friday, predict Obama’s budget will produce $9.3 trillion worth of red ink over 2010-2019. That’s $2.3 trillion worse than the White House predicted in its budget.

Worst of all, CBO says the deficit under Obama’s policies would never go below 4 percent of the size of the economy, figures that economists agree are unsustainable. By the end of the decade, the deficit would exceed 5 percent of gross domestic product, a dangerously high level…

The latest figures, even worse than expected by top Democrats, throw a major monkey wrench into efforts to enact Obama’s budget, which promises universal health care for all and higher spending for domestic programs like education and research into renewable energy.

Many Democrats were already uncomfortable with Obama’s budget, which promises to cut the deficit to $533 billion in five years. The CBO says the red ink for that year will total $672 billion…

Sen. Judd Gregg, R-N.H., who almost joined the Obama administration as commerce secretary before withdrawing consideration, said the CBO’s estimates confirm that the national debt “will increase to shocking levels that are simply unsustainable and will devastate future economic opportunities for our children and grandchildren.”

Full story here.

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Published in: on March 20, 2009 at 7:29 pm  Comments (1)  

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One CommentLeave a comment

  1. Trillion! It’s the new billion!


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