Congressional Budget Office: $1 Trillion Deficits Estimated For Each Of Next 10 Years

The USA Today reports that the nonpartisan Congressional Budget Office estimate released Friday shows that Obama's budget would generate unsustainably large deficits averaging almost $1 trillion a year over the next decade. The USA Today reports that "the new Congressional Budget Office figures predict Obama's budget will produce $9.3 trillion worth of red ink over 2010-2019. That's $2.3 trillion worse than the administration predicted in its budget just last month. Worst of all, CBO says the deficit under Obama's policies would never go below 4% of the size of the economy, figures that economists agree are unsustainable. By the end of the decade, the deficit would exceed 5% of gross domestic product, a dangerously high level."

"This report should serve as the wake-up call this Administration needs," said House Minority Leader John Boehner, R-Ohio. "We simply cannot continue to mortgage our children and grandchildren's future to pay for bigger and more costly government."
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