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.