CBO Reports President’s Budget Will Increase Deficits

March 16, 2012

Immediate Release: March 16, 2012
Contact: Victoria Coley 443-758-6077 victoria@thepublicnotice.org

CBO Reports President’s Budget Will Increase Deficits

Arlington, VA – Today the Congressional Budget Office released its official score of President Barack Obama’s fiscal year 2013 budget outline. Last month, the White House estimated the President’s plan would cut the growth of federal deficits by $3.2 trillion over 10 years; the CBO found the opposite – the budget would increase the growth of deficits $3.5 trillion over the next decade.

“Unfortunately, the President’s budget is a continuation of the overspending policies of the last ten to 12 years,” said Gretchen Hamel, executive director of Public Notice. “Washington policymakers – from the U.S. Capitol down Pennsylvania Avenue to the White House – have promised Americans they’re serious about cutting the federal budget deficit. We haven’t seen much action from Congress this year and now we find the President’s plan only adds to the problem. Taxpayers are disappointed. They want reform. And they want it now.”

In the last decade, federal government spending has gone from 19.1 percent of the economy in 2002 to 24.3 percent in 2012. The annual deficit has gone from 1.5 percent of the economy to an expected 8.5 percent this year. The federal debt, $6 trillion ten years go, is now more than $15 trillion and is larger than the size of the actual economy. According to CBO, under the President’s plan the cumulative national debt would be $18.8 trillion in ten years.

Also see: BankruptingAmerica.org’s National Television Ad: ‘Working Hard’
Transcript of ad:

If your family’s like mine, you’ve had a tough three years. We’ve been working hard, sticking to a budget, making sacrifices so we don’t spend more than we make, living within our means. If we can do it, why can’t Washington? You know it’s been years since they’ve even passed a budget? But they’re still recklessly wasting our hard-earned tax dollars. We’ve tightened our belts—Washington should too. Get the facts. Go to bankruptingamerica.org.

If you would like to schedule an interview with Gretchen Hamel, contact
VictoriaColey 443-758-6077 or victoria@thepublicnotice.org

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Public Notice is an independent, nonpartisan, non-profit, 501(c)(4) organization dedicated to providing the facts and insights on the affects public policy has on American’s financial well being.

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