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.
