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

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Smarter Liberal

Minneapolis, MN

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May 17, 2013
 

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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...
Bridgework

Lincoln, NE

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

Kent, WA

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

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