CBO: Obama policies would require deficits of $9.5 trillion through 2021

Written by Powell Gammill Date: 03-18-2011 Subject: Economy - Economics USA

President Obama’s budget plan would produce deficits of $9.5 trillion over the next decade, the nonpartisan Congressional Budget Office said Friday – more than $2 trillion higher than White House estimates. ...

Budget chief says deficits "unacceptably high" White House budget director Jack Lew said on Friday that newly released projections that the budget deficit will total $1.4 trillion in the current fiscal year showed the need to tame "unacceptably high" deficits. ....

Lawmakers urge Obama to lead on deficit reduction

.... In a letter to Obama on Friday, a bipartisan group of 64 senators said he should help craft a deficit-reduction package that included spending cuts, tax reform and changes to entitlement programs like Medicare and Social Security. ....

CBO: Obama understates deficits by $2.3 trillion

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. ...