Saturday, March 6, 2010

Obama's Budget to Add Almost $10 Trillion to The National Debt Over The Next Decade

Obama's budget is projected to add $9.7 trillion to the national debt over the next ten years; this according to the CBO. The number is $1.2 trillion more that the official white house prediction of $8.5 trillion.

"President Obama's proposed budget would add more than $9.7 trillion to the national debt over the next decade, congressional budget analysts said Friday. Proposed tax cuts for the middle class account for nearly a third of that shortfall.

The 10-year outlook released by the nonpartisan Congressional Budget Office is somewhat gloomier than White House projections, which found that Obama's budget request would produce deficits that would add about $8.5 trillion to the national debt by 2020.

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