Red Ink

The Congressional Budget Office says that Obama administration has significantly understated deficits to be expected under its budget plan. The CBO says this year’s budget deficit will be over $1.8 trillion, while next year’s is projected at $1.4 trillion, $200 billion more than the administration’s estimate.

Long-run deficit projections are meaningless, but for what it’s worth, the CBO sees trillion-dollar deficits as far as the eye can see under Obama’s budget, with $1.2 trillion in red ink being run up in 2019.

It would be nice if voters paid more attention to these numbers and less to the earnings of AIG’s derivatives traders.

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