The Congressional Budget Office has released its estimate of the Fiscal Year 2014 budget that President Obama submitted last month, Erik Wasson of The Hill reports:
The non-partisan Congressional Budget Office on Friday said President Obama’s 2014 budget proposal would add $5.2 trillion in deficits over 10 years.
The agency said that compared to its baseline scenario, the Obama budget would reduce projected deficits by $1.1 trillion over 10 years. The White House had claimed $1.8 trillion in savings using its own analysis. …
The vast majority of deficit reduction in the Obama plan comes from increased tax revenue, according to the CBO. …
The Obama budget arrived on Capitol Hill in April, two months late and after both the Senate and House had passed their own budgets. …
Republicans say that when gimmicks are removed, the budget only reduces the deficit by $119 billion over 10 years, while adding new taxes — including higher taxes on tobacco and on estate transfers — totaling $1.1 trillion.
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