The Congressional Budget Office (CBO) has updated its 10-year budget baseline, and America’s fiscal outlook continues to worsen

Brian Riedl of The Heritage Foundation (www.heritage.org) has performed a useful service by analyzing the 10-year budget baseline of the Congressional Budget Office (CBO), which puts the deficit at $6.2 trillion. Riedl says that’s a phony figure because CBO is forced to make assumptions based on what Congress tells it. The true baseline deficit, says Riedl — based on a continuation of current spending and tax policies — amounts to $13 trillion over the next decade.

Aug.19.- The Congressional Budget Office (CBO) projects $6.2 trillion in additional deficits over the next decade. This darkening budget forecast would have been even  worse, were it not for the unrealistic assumptions that Congress requires the CBO to employ to make future budget deficits appear smaller.

With more realistic assumptions, the budget baseline shows that:

• Even as war spending phases out and the economy recovers, the projected budget deficit never drops below $1 trillion, and reaches nearly $2 trillion by 2020; Add a comment 45 hits