WASHINGTON—This afternoon, the Congressional Budget Office (CBO) released an analysis of the President’s fiscal year 2014 budget. CBO found that the President’s budget would add $115 billion more to the deficit in 2014 than if we just did nothing. The CBO estimates that the President’s budget increases taxes by $974 billion. As a result of spending $46.5 trillion over the next decade, the budget ends with a $542 billion deficit in FY2023. By contrast, the House-passed budget balances by 2023.
House Budget Committee Chairman Paul Ryan of Wisconsin released the following statement:
“This new report shows that the President’s budget doesn’t come close to solving the problem. The federal government will take in a record haul over the next ten years. And the President wants yet another massive tax hike. But under his plan, we’ll keep adding to the debt—at an alarming rate. The government is taking more from hardworking taxpayers only to spend more in Washington.”
Contrast in visions:
The re-estimate of the President’s budget follows a CBO report released earlier this week, which you can read here.
You can read the full CBO analysis of the President’s FY2014 budget here.