This will have the news tongues wagging all weekend

CBO: Obama understates deficits by $2.3 trillion

WASHINGTON – A new assessment of President Barack Obama's budget released Friday says the White House underestimates future budget deficits by more than $2 trillion over the upcoming decade.

The estimate from the nonpartisan Congressional Budget Office says that if Obama's February budget submission is enacted into law it would produce deficits totaling $9.5 trillion over 10 years — an average of almost $1 trillion a year.

Obama's budget saw deficits totaling $7.2 trillion over the same period.

Now, all that said, it is a matter of optimism and hope vs. pessimism and skepticism, it could be said:

The difference is chiefly because CBO has a less optimistic estimate of how much the government will collect in tax revenues, partly because the administration has rosier economic projections.

To repeat, maybe giving the $700 billion tax cut to the wealthiest people in the country (thanks, Republicans!) wasn't such a good idea.

Links:  http://news.yahoo.com/s/ap/us_obama_budget;_ylt=AicJc51GkdiPqK4zmYJAADZH2ocA;_ylu=X3oDMTMzOTluZzhkBGFzc2V0A2FwLzIwMTEwMzE4L3VzX29iYW1hX2J1ZGdldARjY29kZQNtcF9lY184XzEwBGNwb3MDNgRwb3MDNgRzZWMDeW5fdG9wX3N0b3JpZXMEc2xrA2Nib29iYW1hdW5kZQ--

http://www.google.com/#sclient=psy&hl=en&site=&source=hp&q=tax+cuts+for+wealthy+700&aq=o&aqi=&aql=&oq=&pbx=1&bav=on.2,or.r_gc.r_pw.&fp=b26d2f4496b7882f