CBO: Obama’s 2014 Budget Adds $5.2 Trillion In Deficits
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The non-partisan Congressional Budget Office on Friday said President Obama’s 2014 budget proposal would add $5.2 trillion in deficits over 10 years.
The agency said that compared to its baseline scenario, the Obama budget would reduce projected deficits by $1.1 trillion over 10 years. The White House had claimed $1.8 trillion in savings using its own analysis.
The CBO’s baseline assumes that automatic sequestration cuts remain in place for nine years, whereas the White House assumes they are eliminated.
While it uses a different budget baseline than the White House, the analysis of individual proposals are broadly consistent with what Obama officials projected. The CBO reports $3 billion more in spending than the White House claimed and $79 billion more in revenue over 10 years.
The office said the Obama blueprint would increase the deficit this year by $27 billion, to $669 billion, and by $115 billion in 2014, to a total of $615 billion.