Obama’s Deficit Plan Falls Short According To Bipartisan Commission

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President Obama’s deficit-reduction plan “falls short” of targets set by House Republicans and Obama’s own fiscal commission and would be unlikely to stabilize borrowing, according to a new independent analysis.

The analysis, by the bipartisan Committee for a Responsible Federal Budget, found that the plan Obama unveiled in a speech last week would require the nation to borrow another $7 trillion during the next decade, compared with about $5.4 trillion under the House Republican budget and about $5.3 trillion under the recommendations offered in December by Obama’s fiscal commission.
The new outline is a significant improvement over the budget request Obama submitted to Congress in February, which would have required $9.5 trillion in fresh borrowing through 2021. However, the framework is unlikely to reduce deficits as much as Obama suggested, the analysis found, and would therefore permit the portion of the national debt held by outside investors to continue rising, when measured against the size of the economy, to just less than 80 percent of gross domestic product by the end of the decade…Read more here: Obama Deficit Plan Falls Short

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