CBO Likely Scenario: $10.7 Trillion More in Deficits

Wednesday, March 14th, 2012 and is filed under News

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Yesterday, CBO posted an updated budget projection for the next 10 years.  National Journal has the trillion dollar quote that sums up everything you need to know about the 12-page report:

Under the politically more viable alternative scenario – which assumes the extension of all expiring tax provisions other than the current payroll tax cut; a 10-year doc fix that would prevent Medicare payment cuts to providers; the repeal of the sequestrations set by the Budget Control Act; and an alternative minimum tax indexed for inflation after 2011 – deficits would clock in at $10.7 trillion over the 2013-2022 period.