Posted on 04/17/2014 2:11:18 PM PDT by Jim Robinson
WASHINGTON (AP) — A report released Thursday by the nonpartisan Congressional Budget Office says President Barack Obama's budget request would mean significantly larger budget deficits than the White House claims.
CBO says the budget plan proposed last month by Obama would produce deficits of $6.6 trillion over the next 10 years — $1.6 trillion more than the White House estimates.
The main reason is that the White House has a rosier estimate of the economy's performance over the decade than CBO. That means the administration predicts higher tax revenues.
The president's budget is just a proposal; it has gained little traction on Capitol Hill since its release last month. The GOP-controlled House and Democratic-led Senate have already settled on a spending "cap" for this year's round of annual spending bills. A budget debate last week in the House was about political messaging and left intact last year's small-bore congressional budget deal.
CBO also says Obama's budget contains $1.4 trillion in tax increase over a decade, much more than claimed by the White House. A $456 billion chunk of that comes from higher revenues because of an influx of workers through immigration reform. CBO also notes that Obama's budget contains $193 billion over a decade in new tax credits for the working poor that officially are counted as spending because they're issued as refunds.
Obama also proposes steeper estate taxes, curbing tax deductions claimed by the wealthy and a 94-cent-per-pack increase in cigarette taxes...
(Excerpt) Read more at breitbart.com ...
Close HHS, EPA and DOE. Terminate the programs which they administer.
Then maybe the budgeting will be easier
There is only one truthful thing i have heard come out of Obama’s mouth during entire presidency (except small idle chatter during interviews):
“I will stand with them should the political winds shift in an ugly direction.”
The Marxist Media is celebrating this good news.
Pray America wakes up
Throw in there DOL DOJ IRS DOT DOAg I could go on
I’ll get really worried when Obama and crew come out with something that appears to be factual.
Sean Hannity just had Austin Goolsbee on claiming they cut the deficit in half...
We all did that, it was the one time wind-fall when you raise taxes. And now we can easily predict the diminishing returns to follow.
Add the BLM and the BATF.
Higher than expected tax revenues too (per Drudge). It’s all working per plan. /s
Despite my relentless cheating? Wow...
DHS OSHAA we missing anymore unconstitutional alphabet agencies
Tens of Thousands...
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