CBO Report Confirms: Obama’s Budget Laden with Debt
Coloring President Barack Obama’s budget proposal for fiscal year (FY) 2012 are the undeniable shades of masked fiscal disaster and a want of long-term solutions.
According to analysis by the Congressional Budget Office (CBO), the President’s budget would result in $1.43 trillion and $1.16 trillion deficits for FYs 2011 and 2012, respectively, adding two more years of annual deficits in excess of $1 trillion. Total spending would increase by 57 percent over the next decade, from $3.7 trillion this year to $5.8 trillion in 2021. Net interest alone mushrooms from $214 billion to $931 billion, a 335 percent increase.