CBO: Obama budget will produce $9.5 trillion deficit

News from Yahoo:

WASHINGTON – A new assessment of President Barack Obama’s budget released Friday says the White House underestimates future budget deficits by more than $2 trillion over the upcoming decade.

The estimate from the nonpartisan Congressional Budget Office says that if Obama’s February budget submission is enacted into law it would produce deficits totaling $9.5 trillion over 10 years — an average of almost $1 trillion a year.

The difference is chiefly because CBO has a less optimistic estimate of how much the government will collect in tax revenues, partly because the administration has rosier economic projections.

But the agency also rejects the administration’s claims of more than $300 billion of that savings — to pay for preventing a cut in Medicare payments to doctors — because it doesn’t specify where it would come from. Likewise, CBO fails to credit the White House with an additional $328 billion that would come from unspecified “bipartisan financing” to pay for transportation infrastructure projects such as high speed rail lines and road and bridge construction.

More deception from the Man with the Tongue Dipped in the Unvarnished Truth.

Once again, there is that medicare cut that has been double counted by the administration and has been pointed out by many and admitted to by Kathleen Sebilius in a congressional hearing.  And the republicans who have been saying this since before Obamacare passed are being proven right as they will be proven right about the “death panels.”

Posted:  03.18.11