Saturday, March 17, 2012
Obama’s budget would pile up an additional $3.5 trillion in debt over the next 10 years and shows the government’s trust funds running out of money in 2020, Congress’s official non-partisan scorekeeper has said
In 2012 alone Obama’s budget would leave a $1.3 trillion deficit — $82 billion worse than if none of his policies were enacted. Over the next ten years the deficit would dip to less than a half-trillion dollars in 2017, but would rise again in the later years. By 2022, a decade from now, the federal government would spend $5.6 trillion and take in $4.9 trillion in revenue — both figures far outstripping today’s levels. CBO’s analysis also shows that the government’s combined trust funds, including the Social Security trust funds and the cash flow of the Postal Service, will begin running deficits in 2020. CBO says that Obama’s budget deepens the deficit every year for the 10-year window the agency examined.