The Congressional Budget Office announced that the budget proposed by Barack Hussein Obama will generate bigger deficits than Obama thinks every single year. Over the next ten years, this would total 1.2 trillion dollars more than what Obama’s office has estimated.

The nonpartisan agency said today the deficit will remain above 4 percent of the nation’s gross domestic product for the foreseeable future while the publicly held debt will zoom to $20.3 trillion, amounting to 90 percent of GDP by 2020. By then, interest payments on the debt will have quadrupled to more than $900 billion annually, the report said.

Deficits between 2011 and 2020 would total $9.76 trillion, the CBO said.

Economists generally consider deficits topping 3 percent of GDP to be unsustainable because that means government debt is growing faster than the ability to pay back the money.

“The news today from CBO is clear: The president’s budget will continue to lead our nation into a fiscal catastrophe – an ever worse one than the president’s own numbers suggest,” said Representative Paul Ryan of Wisconsin, the top Republican on the House Budget Committee.

Exactly.

The CBO estimated that subsidy cuts to student-load lenders would save $20 billion less than Obama said, and that TARP would cost $10 billion more. On other matters, it wasn’t so sure:

The CBO said that it couldn’t analyze what the administration projects to be $743 billion in revenues from health-care legislation but “assumed that the policies would have the effect set forth in the budget.” Likewise, it uses the administration’s cost estimate of climate-change legislation–which the White House says would have no effect on deficits–for its figures.

Has anyone ever seen revenues that weren’t overestimated or costs that weren’t drastically underestimated? Please. The one thing that we can count on is that the CBO’s deficit estimate of 20.3 trillion dollars will more likely end up being 25 trillion. Speaking of incorrect:

The CBO also said that Obama’s debt projections were optimistic.

Gee, ya think?

Obama, who inherited a flood of red ink from his predecessor George W. Bush, has promised to halve the 1.3-trillion-dollar deficit he took on by 2013.

Instead, Obama will multiply the Bush deficit by more than 15 times! Yet another broken Obama promise. Anyone keeping count?

What’s the difference between a Democrat and a drunken sailor? A drunken sailor stops spending money when he runs out of money!

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