CBO: Obama Budget Doubles Debt

Posted March 18, 2011 at 2:27pm

The Congressional Budget Office says federal debt held by the public will double over the next decade under President Barack Obama’s budget.

The CBO estimate released Friday said debt held by the public would jump from $10.4 trillion at the end of this fiscal year to $20.8 trillion a decade later — not counting trillions in debt to Social Security and other government accounts.

The CBO projection is $2.3 trillion more pessimistic over the next decade than Obama’s own budget blueprint, as the White House and the CBO differed over the cost and economic impact of the president’s policies.