Black Holes

Will Deficits Sink Obama’s Plan?

Might President Obama’s plans disappear into a hole they open up? The Congressional Budget Office is projecting that Obama’s plans will create a deficit $2.3 trillion larger than the president projected for the next decade. The difference is a reflection of the administration’s more optimistic projections of economic growth. Anticipating the report, Obama reiterated his plans to cut the deficit in half by the end of his first term and emphasized the “massive deficit we inherited.” “What we will not cut are investments that will lead to real growth and real prosperity,” he said.