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Obama greatly understated deficits in his budget

Created on April 17, 2014

Obama greatly understated deficits in his budget

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Read the original report, "CBO Report Shows President’s Budget Relies on Rosy Economic Assumptions."

When President Obama released his budget in March, he projected annual deficits would remain under $600 billion. However, in a new report, the Congressional Budget Office sees deficits reaching $800 billion, with a total difference of $1.6 trillion over 10 years.

Sources: Congressional Budget Office, “An Analysis of the President’s 2015 Budget,” April 2014, Table 5, http://www.cbo.gov/sites/default/files/cbofiles/attachments/45230-APB_1.pdf (accessed April 17, 2014); and Office of Management and Budget, “Opportunity for All: The President’s Fiscal Year 2015 Budget," March 4, 2014, http://www.whitehouse.gov/omb/budget (accessed April 1, 2014)

Tags: congressional-budget-office, CBO, obama-budget, deficits, rosy