MORE NATIONAL NEWS
United States News
News from the region's first prime-time newscast. You'll find it First On Fox!
CBO: Obama budget would produce deficits $1.6T higher than claimed
Reported by: Associated Press
Reported: Thursday, April 17, 2014 11:26 AM EDT
A report by the Congressional Budget Office says the president's budget request would result in significantly larger deficits than he claims.
The White House predicts higher tax revenues because of a rosier estimate of the economy's performance over the next decade.
CBO also says Obama's budget contains a more than $1 trillion in tax increase. That's much more than claimed by the White House.
CBO produces independent studies and cost estimates of legislation for Congress.