CBO: Obama's Bullshit "Deficit Cutting" Budget Lies About The Actual Deficits It Will Produce

I know you're shocked.

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.

Obama's budget saw deficits totaling $7.2 trillion over the same period.

The difference is chiefly because CBO has a less optimistic estimate of how much the government will collect in tax revenues, partly because the administration has rosier economic projections.

Read on, to see other lies Obama cooked into his budget -- for example, he apparently claimed his High Speed Trains initiative wouldn't cost any net money, because it would be paid for by "bipartisan financing" (that is -- tax increases agreed to by Republicans; um, no).

The CBO rejected this claim. (Actually, they have to; they have to project based on current law. But even if they were permitted to adjust for future contingencies, there's no way any rational analysis would predict the GOP would spend $238 billion on this crap, paid for with new taxes, just so Joe "Choo Choo" Biden can keep wearing his Big Bright Red Engineer's Cap when he plays with his toys in the basement.)

Obama's "balanced budget" claims are based on the fig-leaf he calls a primary budget -- the budget minus interest payments on past debt, which cannot be ignored, as interest will soon rival Medicare and Social Security -- which he claims will be balanced and run at less than 3% of GDP.

The CBO says that's pure bullshit, too, and that his proposed deficits will never come at less than 4% of GDP.

posted by Ace at 04:43 PM

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