Obama’s Budget Would Add $6.4 Trillion to Debt - CBO - Mar. 16, 2012
I’d be happy to discuss revenue positive options, preferably those less distorted by partisan interests. Cold hard math knows no party.
NEW YORK (CNNMoney) — Lawmakers on Friday were handed the official score card on President Obama’s proposed budget for 2013.
The Congressional Budget Office concluded that the president’s budget would add less to the country’s debt than if lawmakers simply extend a number of favored policies, such as the Bush-era tax cuts.
And yet debt levels at the end of the decade under Obama’s budget would remain too high for comfort.
The president’s budget would add $6.4 trillion in deficits between 2013 and 2022, the CBO said.
Under the so-called alternative fiscal scenario, where Congress simply extends a number of favored policies, cumulative deficits would reach nearly $11 trillion.
The president’s proposals would bring debt held by the public to 76% of GDP at the end of the period measured, up from 68% last year.
Debt held by the public includes U.S. bonds bought by investors, but excludes money owed to government trust funds, such as Social Security and Medicare.