AFP: US deficit tops Obama forecast by 1.2 trillion dollars: CBO(AFP) US President Barack Obama has underestimated the government budget deficit for the next decade by 1.2 trillions dollars, estimates by Congress showed Friday.
Under Obama's latest budget projections, the cumulative deficit over the 2011-2020 period would be 8.532 trillion dollars, or 4.5 percent of gross domestic product, the nation's economic output.
But the Congressional Budget Office estimated Friday the deficit would snowball to 9.761 trillion dollars or 5.2 percent of GDP.
And we thought the Bush deficits were bad. Obama's spending craze has us well into the red for at least a decade, with the most hopeful estimates dwarfing the "massive" debt years during the Bush admin.
And today we're blaming job losses on snow.
Directorís Blog Blog Archive Preliminary Analysis of the Presidentís Budget