Great news: President Obama slashes future deficits by $2.3 trillion

by editor on March 22, 2011

We take back all the horrible things we’ve said about President Obama. He’s a damn miracle worker. He made the Republicans look like fools yesterday by cutting a massive $2 trillion (with a T) from future deficits.

Oh, wait. Looks like we misread the story. Turns out it was the Congressional Budget Office that made Obama look like a fool by announcing that his estimate of the deficits was off by massive $2.3 trillion.

barack-obama-angry

"The Congressional Budget Office said what?"

The Hill has the details of the deficit:

The Congressional Budget Office on Friday released its analysis of President Obama’s 2012 budget proposal and found it does less to rein in deficits and the debt than the administration had estimated.

CBO estimates Obama’s plan would produce 10 years of deficits totaling $9.5 trillion. By 2021, it would increase the debt held by the public to 87 percent of gross domestic product.

The administration, using different methods, estimated budget deficits would total $7.2 trillion over the next 10 years under the 2012 budget. It forecast that total debt in 2021 would be 77 percent of GDP.

The “different methods” include sprinkling pixie dust over the budget and flat out making crap up. Marc Goldwein of the CBO tells why:

He explained that the difference between the CBO’s $9.5 trillion estimate and OMB’s $7.2 trillion estimate comes from two sources: rosy economic growth assumptions by OMB and offsets for the Medicare doc fix as well as transportation spending OMB did not specify in the budget and which CBO will not factor in.

In other words, they overestimated the good stuff and underestimated the bad stuff.

And in other other words, they lied.

Source: The Hill

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23 Comments on "Great news: President Obama slashes future deficits by $2.3 trillion"

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spymyeyes
Member

oh noes!
da truth!
Allah forbid!
Someones at the CBO is gonna git it!!!!
GRRRRRRRRRRRRRRRR

StrinaM
Member

That seems to be a on-going theme to this administration. Obamacare was also supposed to help reign in the deficit only to have the numbers come out AFTER it was passed that it would only spike the deficit exponentially… What do you expect of an administration that puts people in positions that they have no reason being in… like Ms. Higginbottom?

Navyvet
Member

I think Obama got Ms. Higgenbottom in exactly the “position” he wanted her in starting several years ago. Now he has another position in mind but has to put up with senate confirmation for this new position.

jukin
Guest

What has been hidden, like almost all things prior to 2006, about Obama is that he was going bankrupt. Even with a sweetheart of a dael from a convicted felon mobster on his house. Even with the $780 million he blew threw in the Annenberg Project. Until the Terrorist Bill Ayers ghost wrote his first book the Obama’s were going bankrupt. The man has no idea about fiscal responsibility.

The press not only did not vet the affirmative action candidate, they actively hid his background and made a fantasy of his mediocre life and accomplishments. Bill Shakespeare said “First we kill the lawyers.” I say “First we kill the journalists, editors, and reportes.”

hisham
Guest

Bill Shakespeare said “First we kill the lawyers.” I say “First we kill the journalists, editors, and reportes.”

Can we do THAT?!?

DeanH
Member

well, you gotta start somewhere.

Tatersalad
Member

Barack Obama, with my sincere beliefs is trying to implode the American economy so he and his communist/socialist kind can usher in a complete takeover of a new United Socialist States of Amerika! It is being wagged right before our eyes and there are some RINO’s going right along with this! Conservatives and independents will not let this happen!

hisham
Guest

Well Tater, in your opinion, what the heck are we doing to prevent them?

(cynical sarcasm intended)

sifi
Member

Vote conservative!

michaelht1
Guest

a socialist has no concept of a balanced budget, a narcosis Marxist who cut his monetary teeth in the tax payer rip off called ACORN under the supervision of the corrupt Chicago doesn’t care. Obama’s goals of destroying the American dream, eliminate the middle class, turn over the Republic to the United Nations, rewrite the constitution to how the chosen one believes it should be. Spend your way out of debt? Biden was correct,” obama is so intelligent its hard for others to understand his plan”? I think I understand the plan and his contempt for America. Why is the U.S. Tax payer paying 770 million of our dollars to remodel Mosque’s in the middle east?

Big Al
Member

Math is hard.

The Obumbly Obomster
Member

Math is easy. Differential Equations is hard.

hisham
Guest

I think OBM’s mathwhiz advisory team forgot to carry the T when they added up all those B’s.

DeanH
Member

Seems right. It’s simple alphaematics.

StrinaM
Member

You mean Obamamatics…. Its different from the fuzzy math of the Gore campaign. Fuzzy math used real numbers and discombobulated them… Obamamatics concentrates on imaginary numbers…

DeanH
Member

Imaginary numbers? In the manner seers can read your future based on the tea residue in your cup, so our lying leader ascertains our fiscal well being by interpreting fresh unicorn turds. What’s phony about that?

hisham
Guest

I concur.

nuke
Member

Wha…the flop eared Kenyan lied??? Awww, come on now.

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