Dino
Russian Asset
Only off by a mere 5 or 6 TRILLION huh?
http://www.factcheck.org/2009/07/obamas-health-care-news-conference/
The president claimed he has cut federal spending by more than $2 trillion.
Obama: I am very worried about federal spending. And the steps that we’ve taken so far have reduced federal spending over the next 10 years by $2.2 trillion.
The nonpartisan Congressional Budget Office doesn’t agree that Obama’s budget has “reduced federal spending” at all. Quite the opposite. His budget calls for vastly increased spending, according to CBO.
Last month CBO estimated that total federal spending, without the changes Obama proposed in his budget, would be just under $39 trillion over the next 10 years. It also estimated that if Congress adopted the president’s budget, spending would increase to more than $41.7 trillion over the same period. As a percentage of the economy, CBO figured that federal spending would rise from 22.1 percent of gross domestic product (GDP) under current law, to 23.7 percent under Obama’s budget proposals.
CBO specifically estimated the "total effect on outlays" of Obama’s budget as an increase of $2.7 trillion compared with what’s called for in current law. So by CBO’s figuring, spending would go up $2.7 trillion, not down $2.2 trillion. That would make Obama’s claim a nearly $5 trillion whopper.
Even the administration’s own projections don’t suport Obama’s extravagant claim of a $2.2 trillion spending cut. His Office of Management and Budget projected that Obama’s budget would produce $42.2 trillion in total outlays over the next 10 years. That’s only $431 billion more than CBO’s later estimate. However, Obama’s OMB comes up with a much higher prediction of where spending would be without the president’s budget. OMB figures "baseline" spending of $43.4 trillion. Compared with that, OMB figures that Obama’s budget would represent a reduction of more than $1.2 trillion. But that’s still nearly $1 trillion short of the figure Obama claimed.
Obama may have confused his deficit figures with his spending figures. Earlier he said that the projected deficit is "$2.2 trillion less than it would have been if we had the same policies in place when we came in." But even that is disputed. It’s true that OMB projected a $7.1 trillion, 10-year deficit under Obama’s budget, and a $9.3 trillion deficit if current policies continued unchanged. That would amount to a $2.2 trillion improvement. But congressional budget experts don’t agree with that. CBO projects a $9.1 trillion deficit under Obama’s budget, and a $4.4 trillion deficit under current law. In other words, CBO figures Obama’s budget would make the deficit $4.5 trillion worse, not $2.2 trillion better.
http://www.factcheck.org/2009/07/obamas-health-care-news-conference/
The president claimed he has cut federal spending by more than $2 trillion.
Obama: I am very worried about federal spending. And the steps that we’ve taken so far have reduced federal spending over the next 10 years by $2.2 trillion.
The nonpartisan Congressional Budget Office doesn’t agree that Obama’s budget has “reduced federal spending” at all. Quite the opposite. His budget calls for vastly increased spending, according to CBO.
Last month CBO estimated that total federal spending, without the changes Obama proposed in his budget, would be just under $39 trillion over the next 10 years. It also estimated that if Congress adopted the president’s budget, spending would increase to more than $41.7 trillion over the same period. As a percentage of the economy, CBO figured that federal spending would rise from 22.1 percent of gross domestic product (GDP) under current law, to 23.7 percent under Obama’s budget proposals.
CBO specifically estimated the "total effect on outlays" of Obama’s budget as an increase of $2.7 trillion compared with what’s called for in current law. So by CBO’s figuring, spending would go up $2.7 trillion, not down $2.2 trillion. That would make Obama’s claim a nearly $5 trillion whopper.
Even the administration’s own projections don’t suport Obama’s extravagant claim of a $2.2 trillion spending cut. His Office of Management and Budget projected that Obama’s budget would produce $42.2 trillion in total outlays over the next 10 years. That’s only $431 billion more than CBO’s later estimate. However, Obama’s OMB comes up with a much higher prediction of where spending would be without the president’s budget. OMB figures "baseline" spending of $43.4 trillion. Compared with that, OMB figures that Obama’s budget would represent a reduction of more than $1.2 trillion. But that’s still nearly $1 trillion short of the figure Obama claimed.
Obama may have confused his deficit figures with his spending figures. Earlier he said that the projected deficit is "$2.2 trillion less than it would have been if we had the same policies in place when we came in." But even that is disputed. It’s true that OMB projected a $7.1 trillion, 10-year deficit under Obama’s budget, and a $9.3 trillion deficit if current policies continued unchanged. That would amount to a $2.2 trillion improvement. But congressional budget experts don’t agree with that. CBO projects a $9.1 trillion deficit under Obama’s budget, and a $4.4 trillion deficit under current law. In other words, CBO figures Obama’s budget would make the deficit $4.5 trillion worse, not $2.2 trillion better.
