Surprise! CBO estimates Obama’s budget would add $5.2 Trillion to the deficit!
Anytime you hear some stooge of this administration claim that President Obama has “reduced the deficit,” know that it’s utter poppycock. The CBO estimates that if President Obama’s budget passed and became law, it would add $5.2 Trillion to the deficit.
from the Hill:
The non-partisan Congressional Budget Office on Friday said President Obama’s 2014 budget proposal would add $5.2 trillion in deficits over 10 years.
The agency said that compared to its baseline scenario, the Obama budget would reduce projected deficits by $1.1 trillion over 10 years. The White House had claimed $1.8 trillion in savings using its own analysis.
The CBO’s baseline assumes that automatic sequestration cuts remain in place for nine years, whereas the White House assumes they are eliminated.
While it uses a different budget baseline than the White House, the analysis of individual proposals are broadly consistent with what Obama officials projected. The CBO reports $3 billion more in spending than the White House claimed and $79 billion more in revenue over 10 years.
The office said the Obama blueprint would increase the deficit this year by $27 billion, to $669 billion, and by $115 billion in 2014, to a total of $615 billion.
And all of that assumed that sequestration stays in place! Can you imagine?
Once again, let me remind you of the source here. It’s the supposedly-non-partisan Congressional Budget Office, the liberal’s gold standard for accounting. You see what they did with Obamacare, right? They were 100% off, and now Obamacare is going to cost twice what they first estimated!
If that precedent were to hold, you shouldn’t be surprised if Obama’s budget adds $10 Trillion to the deficit.
This is not a surprise… sadly.
“Clearly more money needs to be focused on countering domestic IEDs.”
So we cut funding for something that could have helped in Boston? Doesn’t surprise me.
Emphasis: SEQUESTRATION CAME FROM THE WHITE HOUSE.
Yet another lie the Obama administration has been caught in.
We all remember those huge cuts that the defense department will receive since the “super committee” couldn’t come up with the required number of budget cuts. Well it is now coming out that if those cuts go forward (jan. 1, 2013) the unintended consequences could be upwards of 1.5 million jobs lost by 2014.
Republicans currently have passed legislation to take these cuts off the table, but Harry Reid (D-NV) says he will not bring the bill up for a vote.
Let me get this straight…
We’re going to be “gifted” with a health care plan we are forced to purchase and fined if we don’t, which purportedly covers at least 10 million more people, without adding a single new doctor, but provides for 16,000 more IRS agents, written by a committee whose chairman says he doesn’t understand it, passed by a Congress that didn’t read it but exempted themselves from it, and signed by a President who smokes, with funding administered by a treasury chief who didn’t pay his taxes, for which we will be taxed for four years before any benefits take effect, by a government which has bankrupted Social Security and Medicare, all to be overseen by a surgeon general who is obese, and financed by a country that’s broke.
What could possibly go wrong?
"In Defense of Liberty"