This is comforting. According to the Congressional Budget Office, Obama’s budget will be equal to or greater than the entire projected 10-year deficit.
From The Hill:
The Congressional Budget Office on Friday released its analysis of President Obama’s 2012 budget proposal and found it does less to rein in deficits and the debt than the administration had estimated.
CBO estimates Obama’s plan would produce 10 years of deficits totaling $9.5 trillion. By 2021, it would increase the debt held by the public to 87 percent of gross domestic product.
The administration, using different methods, estimated budget deficits would total $7.2 trillion over the next 10 years under the 2012 budget. It forecast that total debt in 2021 would be 77 percent of GDP.
The White House also said total deficits over the next decade would by $2.2 trillion more without the recommendations included in Obama’s budget.
I’m sure that somehow this will be spun as being a positive thing. The patients are surely running the insane asylum.