The Congressional Budget Office (CBO) says President Barack Obama’s 2014 budget would add $5.2 trillion in deficits over the next ten years and contains nearly $1 trillion in new taxes.
The Obama budget, which was delivered two months after the legally-required deadline, is larded with accounting gimmicks that count as savings war and disaster contingency funds that were never going to be spent. Obama’s budget also assumes sequester-related cuts will all be restored.
But Obama claims his budget is devoid of budgeting tricks.
“The numbers work,” says Obama. “There’s not a lot of smoke and mirrors in here.”
Congressional Republicans are not buying it.
“This new [CBO] report shows that the President’s budget doesn’t come close to solving the problem,” said House Budget Committee Chairman Paul Ryan (R-WI). “The federal government will take in a record haul over the next ten years. And the President wants yet another massive tax hike. But under his plan, we’ll keep adding to the debt—at an alarming rate.”
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