Officials: Obama budget could mean higher deficits
WASHINGTON (AP) -- A report by the Congressional Budget Office says the President's budget request would result in significantly larger deficits than he claims.
The CBO says President Barack Obama's budget plan would produce deficits of more than $6 trillion over the next 10 years. That's more than $1 trillion more than the White House predicts.
The White House predicts higher tax revenues because of a rosier estimate of the economy's performance over the next decade.
The 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.
The CBO produces independent studies and cost estimates of legislation for Congress.