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Congressional budget analysts say Obama budget pares deficits by $1.1 trillion over decade
President Barack Obama’s budget would trim projected federal deficits by $1.1 trillion over the coming decade, using nearly $6 in higher revenues for every $1 in reduced spending to achieve it, Congress’ nonpartisan budget analyst said Friday. After four straight years of annual shortfalls exceeding $1 trillion, the Congressional Budget Office report said Obama’s budget would push this year’s deficit down to $669 billion. Annual shortfalls would shrink slowly to $399 billion in 2017 before rising again, the report said. Read more…
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