CBO: Obama Budget to Add $4.8 Trillion to Deficit Through 2019 | The American Spectator | USA News and Politics
CBO: Obama Budget to Add $4.8 Trillion to Deficit Through 2019
by

Today the Congressional Budget Office has released a brutal analysis of President Obama’s first budget, determining that it would create cumulative deficits of $9.3 trillion between 2010 and 2019, which is more than double the $4.4 trillion baseline CBO projection under current law. The CBO deficit projections for the Obama budget are $2.3 trillion higher than the estimates made by the White House.

The CBO also had to revise upward by $400 billion its baseline deficit estimates for 2009 ($1.7 trillion) and 2010 (now $1.1 trillion), but if the Obama budget passes, those numbers rise to $1.8 trillion in 2009 and $1.4 trillion in 2010. Either way, they are the largest deficits as a percentage of GDP since 1945, when the country was paying for WWII military spending.

CBO expects those deficits to decline as the economy improves, but looking at the chart below demonstrates how much worse the deficits will be if Obama gets his way. The lower the line, the wider the deficit.

Total Deficit or Surplus (Percentage of GDP)

Sign Up to receive Our Latest Updates! Register

Notice to Readers: The American Spectator and Spectator World are marks used by independent publishing companies that are not affiliated in any way. If you are looking for The Spectator World please click on the following link: https://thespectator.com/world.

Be a Free Market Loving Patriot. Subscribe Today!