69% of GDP, averting government shutdown, budget deficit, CBO, cloward and piven strategy, Congress, CR, Obama, partisan rhetoric, Progressive Agenda, tax and spend liberals, two-week funding, underestimated by $2 Trillion
By Trish Turner
Published March 18, 2011
President Obama signs the two-week funding bill averting a government shutdown in the Oval Office at the White House in Washington, Wednesday, March 2, 2011. (AP)
A new, nonpartisan analysis of President Obama’s proposed 10-year budget revealed Friday that the administration underestimated future deficits by more than $2 trillion.
In a preliminary report, the Congressional Budget Office (CBO) calculated, “In all, deficits would total $9.5 trillion between 2012 and 2021 under the president’s budget.” The Obama budget projected $7.2 trillion deficits over the same period.
Even more alarming, the CBO estimates that the “federal debt held by the public would double under the president’s budget, growing from $10.4 trillion (69 percent of GDP) at the end of 2011 to $20.8 trillion (87 percent of GDP) at the end of 2021.”