CBO’s Friday Night Bomb… We’re Not Surprised

4 Jan

CBO Admits Error, Now Expects Another $600 Billion In Deficits From Obama Tax Cuts

Their initial estimate of a $4.0 trillion budget increase was wrong and when one factors in the fact that this incremental spending would have to be funded by, you guessed it, debt, debt which has interest, the full impact of the Obama tax cut rises deficits by 15% to $4.6 trillion over the next decade.

Relative to what would have occurred under the laws previously in effect, this legislation will increase budget deficits in coming years.

…we estimated that real gross national product (GNP) would be 1.7 percent lower in 2022 than would have been the case under prior law. .

Oops…

Zero Hedge

About these ads

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

Join 117 other followers

%d bloggers like this: