Friday, March 16, 2012

CBO: Obama Budget Adds $3.5 Trillion to Debt

In a recent report issued by the Congressional Budget Office, President Obama's budget will add an additional $3.5 trillion in debt over the next 10 years. The government trust funds which includes Social Security funds, according to the CBO's estimates, will run out of money by 2020.

In 2012, President Obama's budget would leave a $1.3 trillion deficit. By 2022, the US government will be spending $5.6 trillion in revenue and only taking in $4.9 trillion in revenue.

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