CBO analysis of FY 2011 budget shows soaring deficits

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Description: On March 24, the Congressional Budget Office (CBO) released its official analysis of Pres Obama's fiscal year 2011 budget, and it projects the administration's budget proposal would increase deficits by $9.8 trillion over 10 years. The budget blueprint would increase the public debt from $7.5 trillion in 2009 (53% of GDP) to $20.3 trillion (90% of GDP) by 2020. The CBO's projected deficits do not incorporate the effects of the recently enacted health-care reform legislation. The Committee for a Responsible Federal Budget stated, on the whole, CBO projects the president's proposals will increase the deficit substantially more than the Office of Management and Budget does -- about $1.2 trillion more over to years.
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