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CBO: Obama Budget Underestimates Deficits a Little… $2.3 Trillion to be Exact

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By Doug Powers  •  March 18, 2011 04:38 PM

**Written by Doug Powers

As the fictional Cleveland Indians announcer Harry Doyle from the movie Major League might say, Team Obama’s budget estimates, according to the Congressional Budget Office, are “juuust a bit outside.”

From The Hill:

The Congressional Budget Office on Friday released its analysis of President Obama’s 2012 budget proposal and found it does less to rein in deficits and the debt than the administration had estimated.

CBO estimates Obama’s plan would produce 10 years of deficits totaling $9.5 trillion. By 2021, it would increase the debt held by the public to 87 percent of gross domestic product.

The administration, using different methods, estimated budget deficits would total $7.2 trillion over the next 10 years under the 2012 budget. It forecast that total debt in 2021 would be 77 percent of GDP.

Gee, I wonder which analysis is more accurate.

The spin from the Obama administration on the CBO saying their numbers are at least a couple trillion off so far isn’t to deny it, but rather say, “whatever… the point is that it’s a lot either way”:

White House budget director Jacob Lew said in a blog post that “CBO confirms what we already know: current deficits are unacceptably high and if we stay on our current course and do nothing, the fiscal situation will hurt our recovery and hamstring future growth.”

None of this should come as a surprise, since we’re talking about a president who once said he didn’t always do his math homework as a child and is on record as stating that accounting is an inexact science (try using that one on your IRS auditor).

Don’t worry about a thing though, because the Treasury Department and Obama’s budget advisors are hard at work straightening all out as we speak:

**Written by Doug Powers

Twitter @ThePowersThatBe

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