U.S.: CBO report: Obama’s deficit balloons, and tax cuts to blame
- $9.5 trillion the size of the deficits that will be required under current policies through 2021, the CBO says
- $2.7 trillion the increase over the previous expected budget numbers – a huge leap, to say the least source
- » Why is this? The CBO’s report says that in regards to what’s behind all this, “Of the various initiatives that the President is proposing, tax provisions would have by far the largest budgetary impact.” In layman’s terms, tax cuts — especially those for the middle class — are the largest factor affecting deficits. While he’s pushing for tax increases on the wealthy and corporations, they won’t offset the effect of the tax cuts. You know what’s funny though? Even though the CBO’s report specifically says this, the Washington Times reported this story as if spending was the culprit.