Obama’s Budget Underestimates Federal Deficits, CBO Says

The nonpartisan agency said today the administration’s plan would generate $9.5 trillion in deficits between 2012 and 2021, compared with the $7.2 trillion forecast last month by the White House budget office. …

The report also said the administration’s budget falls short of its goal of achieving “primary balance,” which refers to the government balancing its books except for interest payments on the debt. White House Budget Director Jacob Lew had called that a “key accomplishment” of its plan.