As Barack Obama headed out for a vacation on Martha’s Vineyard, the Office of Management and Budget leaked the news that the administration’s ten-year estimate of budget deficits is being raised from $7 trillion to $9 trillion:
The White House next week will revise the 10-year budget deficit from $7.1 trillion to $9 trillion.
Officials at the White House Office of Management and Budget (OMB) confirmed the enormous debt revision late Friday afternoon, hours after President Obama left for a 10-day vacation. …
The new projections bring the White House numbers in line with estimates by the independent and non-partisan Congressional Budget Office (CBO). In June, CBO projected a 9.1 trillion deficit.
I take it that this means that, in the Heritage Foundation’s famous graph, the OMB projections are now essentially the same as CBO’s:
With luck, of course, the Obama administration’s current plans will have little impact on what actual budget deficits prove to be ten years from now.