The CBO claims that the President’s budget projections are off by a wide margin: $2.3 trillion dollars [pdf].

Kevin Glass at Townhall.com

EXCERPTS:

Compared with the Administration’s estimates, CBO’s estimates of the deficit under the President’s budget are lower for 2011 (by $220 billion) but higher for each year thereafter (by a total of $2.3 trillion over the 2012–2021 period). That disparity stems from differences in the underlying projections of what would happen under current law ($1.3 trillion) as well as from differing assessments of the effects of the President’s proposals ($1.0 trillion).

The scary thing is the amount of debt held by the public and the increasing share of spending that is needed merely to keep up interest payments. The CBO notes “net interest payments would nearly quadruple in nominal dollars over the 2012-2021 period and would increase from 1.7 percent of GDP to 3.9 percent.” The debt-to-GDP ratio for the United States, an international signal to investors of the fiscal sanity of the United States government, will be at an abysmal 87%, even under projections of an economic recovery.

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