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.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
The 8 best dark comedies of the 21st centuryFrom Santa Claus to suicide terrorism, these movies skewered big, taboo subjects
-
France’s ‘red hands’ trial highlights alleged Russian disruption operationsUNDER THE RADAR Attacks on religious and cultural institutions around France have authorities worried about Moscow’s effort to sow chaos in one of Europe’s political centers
-
Crossword: October 30, 2025The Week's daily crossword
-
Millions turn out for anti-Trump ‘No Kings’ ralliesSpeed Read An estimated 7 million people participated, 2 million more than at the first ‘No Kings’ protest in June
-
Ghislaine Maxwell: angling for a Trump pardonTalking Point Convicted sex trafficker's testimony could shed new light on president's links to Jeffrey Epstein
-
The last words and final moments of 40 presidentsThe Explainer Some are eloquent quotes worthy of the holders of the highest office in the nation, and others... aren't
-
The JFK files: the truth at last?In The Spotlight More than 64,000 previously classified documents relating the 1963 assassination of John F. Kennedy have been released by the Trump administration
-
'Seriously, not literally': how should the world take Donald Trump?Today's big question White House rhetoric and reality look likely to become increasingly blurred
-
Will Trump's 'madman' strategy pay off?Today's Big Question Incoming US president likes to seem unpredictable but, this time round, world leaders could be wise to his playbook
-
Democrats vs. Republicans: who are US billionaires backing?The Explainer Younger tech titans join 'boys' club throwing money and support' behind President Trump, while older plutocrats quietly rebuke new administration
-
US election: where things stand with one week to goThe Explainer Harris' lead in the polls has been narrowing in Trump's favour, but her campaign remains 'cautiously optimistic'
