{"id":398286,"date":"2010-03-06T10:04:20","date_gmt":"2010-03-06T15:04:20","guid":{"rendered":"http:\/\/www.businessinsider.com\/cbo-obama-is-underestimating-his-deficits-by-12-trillion-2010-3"},"modified":"2010-03-06T10:04:20","modified_gmt":"2010-03-06T15:04:20","slug":"cbo-obama-is-underestimating-his-deficits-by-1-2-trillion","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/398286","title":{"rendered":"CBO: Obama Is Underestimating His Deficits By $1.2 Trillion"},"content":{"rendered":"<p>President Barack Obama&rsquo;s budget proposal would create bigger deficits than advertised every year of the next decade, with the shortfalls totaling $1.2 trillion more than the administration projected, according to the <a href=\"http:\/\/www.cbo.gov\/\" >Congressional Budget Office<\/a>.<\/p>\n<p>The nonpartisan agency <a href=\"http:\/\/www.cbo.gov\/ftpdocs\/112xx\/doc11231\/03-05-apb.pdf\" >said<\/a> yesterday the deficit will remain above 4 percent of the nation&rsquo;s gross domestic product for the foreseeable future while the publicly held debt will zoom to $20.3 trillion, amounting to 90 percent of GDP by 2020. By then, interest payments on the debt will have quadrupled to more than $900 billion annually, the report said. Deficits between 2011 and 2020 would total $9.76 trillion, the CBO said.<\/p>\n<p>Economists generally consider deficits topping 3 percent of GDP to be unsustainable because that means government debt is growing faster than the ability to pay back the money.<\/p>\n<p><a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601087&amp;sid=abu_W64CzGy4&amp;pos=8\"><strong>Read the whole story at Bloomberg &gt;<\/strong><\/a><\/p>\n<p><a href=\"http:\/\/www.businessinsider.com\/cbo-obama-is-underestimating-his-deficits-by-12-trillion-2010-3#comments\">Join the conversation about this story &#187;<\/a><\/p>\n<p><b>See Also:<\/b><\/p>\n<ul>\n<li><a href=\"http:\/\/www.businessinsider.com\/defecit-hawks-who-dont-understand-economics-are-about-to-ruin-the-recovery-2010-3\">Deficit Hawks Who Don&#8217;t Understand Economics Are About To Ruin The Recovery<\/a><\/li>\n<li><a href=\"http:\/\/www.businessinsider.com\/britain-january-borrowing-makes-country-look-worse-than-greece-2010-2\">The British Stop Laughing As January Borrowing Explosion Makes Deficit Worse Than Greece<\/a><\/li>\n<li><a href=\"http:\/\/www.businessinsider.com\/niall-fergusons-deficit-warnings-for-the-us-are-nothing-but-excessive-hysteria-2010-2\">Niall Ferguson&#8217;s Deficit Warnings For The US Are Nothing But Excessive Hysteria<\/a><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~r\/TheMoneyGame\/~4\/CcWlFHyp2Qc\" height=\"1\" width=\"1\"\/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Barack Obama&rsquo;s budget proposal would create bigger deficits than advertised every year of the next decade, with the shortfalls totaling $1.2 trillion more than the administration projected, according to the Congressional Budget Office. The nonpartisan agency said yesterday the deficit will remain above 4 percent of the nation&rsquo;s gross domestic product for the foreseeable [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-398286","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/398286","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=398286"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/398286\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=398286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=398286"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=398286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}