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Government Rounding Error? Obama Understates Deficit by $2.3 Trillion
Posted on March 18, 2011
WASHINGTON (AP ) — A new assessment of President Barack Obama’s budget says it underestimates future deficits by more than $2 trillion over the upcoming decade.
The Congressional Budget Office estimate says that if Obama’s February budget submission were enacted into law it would produce deficits totaling $9.5 trillion – an average of almost $1 trillion a year.
Obama’s budget foresaw deficits totaling $7.2 trillion over the same period.
The difference is chiefly because CBO has a less optimistic estimate of how much the government will take in from tax revenues, partly because the administration has rosier economic projections.
The Senate is also worried about the president’s budget numbers.
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