CBO Confirms Obama Underestimated Future Budget Deficits by Whopping $2.3 Trillion: (AP) — 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.  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.

But the agency also rejects the administration’s claims of more than $300 billion of that savings — to pay for preventing a cut in Medicare payments to doctors — because it doesn’t specifying where it would come from. Likewise, CBO fails to credit the White House with an additional $328 billion that would come from unspecified “bipartisan financing” to pay for transportation infrastructure projects such as high speed rail lines and road and bridge construction.  (read more)

A trillion here, a trillion there, pfffftt what’s the worry?….   Might be a little hard for Ms. Higginbottom to explain though.  Who? YOU SAY.   Oh yep, a new Obamanominee for Deputy Budget Director.   You want to laugh, watch this video.

The Budget Committee held a hearing today to consider the nomination of Heather Higginbottom to be President Obama’s deputy budget director. Sen. Sessions confronted the nominee over false assertions from the White House regarding the president’s budget.

Both President Obama and his budget director have repeatedly said that the president’s budget allows us to “live within our means,” “spend money that we have each year,” and “begin paying down our debt.”  Numerous fact-check organizations have found these statements to be false, and Sessions has argued that these inaccurate claims undermine efforts to confront our growing fiscal crisis.

In reality, the budget that President Obama submitted adds $13 trillion to the debt, never has a deficit less than $600 billion, and spends more than it takes in every single year. And by the tenth year, interest payments on our debt will rise to $844 billion–more than we spend on Medicare or defense.

Note: Ms. Higginbottom, a former advisor for Obama’s presidential campaign, has no formal budget training or experience.

UPDATE 3/18: CBO released its analysis of the president’s budget today, finding that the Obama proposal actually conceals $2.3 trillion in deficits. Using more realistic economic assumptions than the White House used, total deficits over the next decade will reach $9.5 trillion.

Mr. Pinko at IOTW cracked me up by comparing Ms. Higginbottom to the GoDaddy.com girl……. /SD