(Investor's Business Daily) President Obama vastly exaggerated the spending cuts and deficit reduction his budget plan would produce, while dramatically undercounting the level of tax hikes, according to a Congressional Budget Office analysis of his budget released Friday.
When Obama put out his budget in mid-April he said that it "will reduce our deficits by nearly another $2 trillion," and "does so in a balanced and responsible way, a way that most Americans prefer."
But the CBO report finds that Obama's budget will cut 10-year deficits by just $1.1 trillion, with annual deficits starting to rise again after 2017.
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And far from being balanced, the CBO found that his plan's tax hikes would outweigh spending cuts by nearly 6 to 1.