The Congressional Budget Office said Friday that President Barack Obama’s tax and spending policies will yield $6.4 trillion in deficits over the next decade, more than double the shortfall in CBO’s own fiscal baseline — even after taking credit for reduced war costs.
The GOP has been quick to fault Obama for excess spending. But more than three-quarters of the $3.5 trillion in added red ink can be explained by what is still a rich diet of tax breaks continued by the president — but not under the CBO’s baseline.
Indeed, in the case of discretionary appropriations, CBO scores the president as coming in about $4 billion under the $1.047 trillion target set by the Budget Control Act last summer. And within these confines, the biggest discrepancy is that his budget is $2 billion over the caps for security programs at the expense of domestic priorities.