Yesterday the Congressional Budget Office released its preliminary analysis of the President’s budget proposal for FY12. Let’s compare what the President says about his budget with what CBO says. All Presidential quotes are from his February 15th press conference, and all CBO data is from Table 2 of the new analysis and this historical table.
THE PRESIDENT: When I took office, I pledged to cut the deficit in half by the end of my first term.
CBO: The FY09 deficit was $1,413 B, or 10.0 percent of GDP (Tables E-1 & E-2). The President’s budget would result in a FY13 deficit (the end of his first term) of $1,164 B, or 5.5 percent of GDP. (Table 2) By neither measure does the President’s budget meet the test of “cutting the deficit in half by the end of