[Guest post by DRJ]
The Congressional Budget Office reports President Obama’s proposed budget will result in almost $1 trillion a year in deficits for the next 10 years:
“The Congressional Budget Office (CBO) said President Barack Obama’s budget would lead to annual deficits averaging nearly $1 trillion for the next decade.
The estimates are for larger deficits than the budget shortfalls expected by the White House.
Annual deficits under Obama’s budget plan would be about $976 billion from 2011 through 2020, according to a CBO analysis of Obama’s plan released Friday.”
The difference in the White House’s projections and the CBO is on the revenue side:
“The independent CBO and Obama expect a similar amount of government spending over the next 10 years — about $45 trillion. But the CBO expects Obama’s policies to bring in $35.5 trillion in tax receipts, less than the $37.3 trillion expected by the White House.
CBO expects fewer tax revenues largely because it expects less economic growth than the White House over the next decade.”
Uncertain times don’t produce job growth or more revenue.