Business

Obama Under-reports Interest on National Debt

Thomas R. Eddlem / The New American
The Congressional Budget Office (CBO) informed Rep. Paul Ryan, ranking Republican member of the House Budget Committee, that President Obama’s budget under-reported (and the CBO itself) the national debt in Obama’s budget by trillions of dollars by predicting unrealistically low interest rates on the national debt in a June 30 letter. Obama’s budget planned to increase the deficit from the current $11 trillion to more than $23 trillion. The CBO letter admits that those estimates may be optimistic by as much as $5.6 trillion.
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Posted by Editor at July 2, 2009 10:14 AM