President Obama underestimated budget deficits over the next 10 years by $2.3 trillion, according to a Congressional Budget Office report released last week. When the president announced his budget in February, he predicted that deficits through 2021 would total $7.2 trillion; the nonpartisan CBO puts the figure at $9.5 trillion.
The discrepancy stems largely from the White House’s rosier view of future economic growth, which it believes will lead to higher tax revenues. The CBO also marginally increased its cost estimates for Obama’s health-care reform. If the CBO’s predictions are correct, the national debt will reach $20.8 trillion in 2021—twice the current level of $10.4 trillion.
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