Look What The CBO Found, An Extra Trillion Of Obama Debt


It must be the Friday night bad news dump.

National debt to be higher than White House forecast, CBO says

The 10-year outlook released by the nonpartisan Congressional Budget Office is somewhat gloomier than White House projections, which found that Obama’s budget request would produce deficits that would add about $8.5 trillion to the national debt by 2020.

The CBO and the White House are in relative agreement about the short-term budget picture, with both predicting a deficit of about $1.5 trillion this year — a post-World War II record at 10.3 percent of the overall economy — and $1.3 trillion in 2011. But the CBO is considerably less optimistic about future years, predicting that deficits would never fall below 4 percent of the economy under Obama’s policies and would begin to grow rapidly after 2015.

Deficits of that magnitude would force the Treasury to continue borrowing at prodigious rates, sending the national debt soaring to 90 percent of the economy by 2020, the CBO said. Interest payments on the debt would also skyrocket by $800 billion over the same period.

See also:
CBO Says White House Underestimates Deficits
CBO: $10 trillion jump in debt under Obama budget
Congressional estimates show grim deficit picture
US deficit tops Obama forecast by 1.2 trillion dollars: CBO
US deficit expected higher than White House claims
CBO projects $1.5 trillion deficit for 2010 in Obama budget
CBO projects $1.5 trillion deficit for 2010 in Obama budget
CBO Releases Preliminary Analysis of the President’s Budget
CBO: Obama underestimated deficit by $1.2 trillion

When the evil Bush left office after eight years the budget deficit was less than $500 billion and the national debt was well under $10 trillion. One year later . . .

/add on the cost of Obamacare an Cap and Trade and it’s a regular national bankruptcy party

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