CBO on Obama budget: Higher deficits than claimed
WASHINGTON - A report by the Congressional Budget Office says the president's budget request would result in significantly larger deficits than he claims.
CBO says President Barack Obama's budget plan would produce deficits of more than $6 trillion over the next 10 years. That's more than $1 trillion more than the White House predicts.
The White House predicts higher tax revenues because of a rosier estimate of the economy's performance over the next decade.
CBO also says Obama's budget contains a more than $1 trillion in tax increase. That's much more than claimed by the White House.
CBO produces independent studies and cost estimates of legislation for Congress.