CBO: Obama Budget Would Cut 10-year Deficits by $1.1 Trillion

Posted in the Minneapolis Forum

1 - 3 of 3 Comments Last updated May 17, 2013
Smarter Liberal

Minneapolis, MN

#1 May 17, 2013
CBO: Obama budget would cut 10-year deficits by $1.1 trillion

By Lori Montgomery, Published: FRIDAY, MAY 17, 2:39 PM ET

President Obamaís budget request would raise taxes by nearly $1 trillion compared with current law and cut spending by nearly $200 billion, congressional budget analysts said Friday.

All told, the presidentís most recent request, released in April, would reduce projected borrowing by more than $1.1 trillion over the next decade, pushing the national debt below 70 percent of the overall economy by 2023, the Congressional Budget Office said.

Those figures differ sharply from the White House presentation of the presidentís budget, which was touted upon its release as reducing borrowing by $1.8 trillion over the next decade and proposing only $600 billion in new taxes.

However, the difference is due primarily to the scope of the analysis. When they released the presidentís budget, White House officials focused attention almost exclusively on a compromise deficit-reduction plan that Obama offered Republican leaders. In its report released Friday, the nonpartisan CBO analyzed the entire White House budget, including various proposals outside of that offer, such as plan to make prekindergarten classes more widely available and to cover the cost by raising taxes on cigarettes by nearly $1 a pack.

Read more: http://www.washingtonpost.com/business/econom...

Lincoln, NE

#2 May 17, 2013
"only $600 billion in new taxes"

Seattle, WA

#3 May 17, 2013
Wonder how the Bush tax cuts worked... DEBT TO CHINA ??? WTF ???

Tell me when this thread is updated: (Registration is not required)

Add to my Tracker Send me an email

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Minneapolis Discussions

Title Updated Last By Comments
Global warming 'undeniable,' scientists say (Jul '10) 4 hr Brian_G 32,475
Henry Kissinger "assembly of a new world order" 7 hr Space ace 1
Obama: "no strategy" on Isis. 7 hr Space ace 3
Drop one word....add one word game 8 hr _Zoey_ 84
Woman's head stepped on by Rand Paul supporters (Oct '10) 11 hr Advertisment 26,226
Minneapolis: A Hotbed For Radical Islam 14 hr Einer Joe Hansen ... 63
Cambridge Mace's Lane Middle School Teacher on ... 14 hr cantmakeitup 17
Minneapolis Dating

more search filters

less search filters


Minneapolis Jobs

Enter and win $5000

Minneapolis People Search

Addresses and phone numbers for FREE


Minneapolis News, Events & Info

Click for news, events and info in Minneapolis

Personal Finance

Mortgages [ See current mortgage rates ]