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Monday, March 21, 2011

Obama Budget to Produce $9.5 Trillion Deficit: CBO - CNBC

Obama Budget to Produce $9.5 Trillion Deficit: CBO - CNBC: "The estimate from the nonpartisan Congressional Budget Office says that if Obama's February budget submission is enacted into law it would produce deficits totaling $9.5 trillion over 10 years — an average of almost $1 trillion a year.

Obama's budget saw deficits totaling $7.2 trillion over the same period.

The difference is chiefly because CBO has a less optimistic estimate of how much the government will collect in tax revenues, partly because the administration has rosier economic projections."

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