CBO: Obama budget to add $6.6T in deficits

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President Obama's budget adds $6.6 trillion in deficits over the next 10 years, the non-partisan Congressional Budget Office (CBO) said Thursday. That estimate is significantly worse than the $4.9 trillion in deficits predicted by the White House. The CBO used its own less rosy estimates of the economy to complete the analysis. The CBO said by 2024, the deficit would be $746 billion, or 2.8 percent of the economy. The Office of Management and Budget had said by 2024, the deficit would fall to $434 billion or 1.6 percent of the economy under the budget. In 2013, the deficit was 4.1 percent of the economy. The CBO said compared to its own baseline assumptions of what happens under current law, Obama's budget is better for the deficit than doing nothing. Under the baseline scenario, deficits would total $7.6 trillion over 10 years, about $1 trillion worse than under Obama's budget proposal. The CBO estimates $1.4 trillion in tax increases are contained in the budget

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