OOPS! CBO: Obama Underestimates Deficit by $2.3 Trillion !!

Obama’s budget credibility took a hit from the nonpartisan Congressional Budget Office this month, when CBO said the administration’s 2012 budget proposal will not deliver the deficit improvement in the coming decade that it promised.

CBO’s analysis said deficits through 2021 would total $2.3 trillion more than those projected in the budget document prepared by the White House Office of Management and Budget (OMB). Instead of falling to 3 percent of GDP by 2017 and remaining near that level through 2021, CBO analysts say the deficit would never go below 4.1 percent of GDP and would begin to rise toward the end of the period, hitting 4.9 percent in 2021.