Obama Budget Underestimates Deficit Over 10 Years, CBO Says

The nonpartisan CBO, in an annual analysis of the White House budget proposal, said today that under Obama’s plan deficits would never shrink below 4 percent of the economy between now and 2020. The cumulative deficits would total $9.76 trillion, and debt held by the public would amount to 90 percent of the nation’s gross domestic product by 2020, the CBO said.

90 percent of the nation’s gross domestic product by 2020? Good thing this is only a problem for Greece.

Source: bloomberg.com