More Bad News from the CBO
The CBO just published a report on Obama’s budget which has mostly drawn attention for adjusting its estimate of the cost of Obamacare up to $1.76 trillion, almost twice the original $900 billion estimate. But there are several other significant findings, such as:
Spending would increase by $1 trillion over the next decade compared to the level established in the Budget Control Act. Net spending on interest will increase 13 percent anuually, tripling over the next decade.
The deficit in FY 2013 will be $1 trillion, $144 billion above current policy. Over the next decade, the federal government would incur deficits of $7.6 trillion.
The federal debt will balloon $10.4 trillion from last year, hitting $25.1 trillion in 2022.
The Senate Budget Committee has a quick summary here.