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The president’s budget at the White House website is a serious plan for tackling the deficit.


Welcome to VoteFacts. We heard this from Stephanie Cutter, President Obama's Deputy Campaign Manager, on Face The Nation - "All you have to do is go to the White House website to see the president's plan. It's been out there for more than a year. It's a $4 trillion dollar deficit reduction plan...".

You can hear this statement at 5 minutes 18 seconds into the video.

First, a little background on presidential budgets. According to The Budget and Accounting Act of 1921, the president is required to submit his/her budget recommendations to Congress each year, on or before the first Monday in February. President Obama has submitted his budgets since he assumed the office in January of 2009. However, none of his plans have become law, as all were voted down by the Congress, including the ones submitted under the Democratically controlled Congress. To help you gather facts, here are the deficit projections by the CBO for all of those budgets submitted by President Obama.

Fiscal Year 2013

• In all, between 2013 and 2022, under the President's budgetary proposals deficits would total $6.4 trillion (or 3.2 percent of total GDP projected for that period), $3.5 trillion more than the cumulative deficit in CBO's baseline. CBO, Page 1

• For the 2018-2022 period, CBO estimates that the President's proposals would add a total of $2.0 trillion to deficits, resulting in a cumulative deficit of $3.2 trillion over that period. The economic feedback from the President's proposals would yield projected deficits totaling between $3.3 trillion and $3.6 trillion over that period. CBO Report

Fiscal Year 2012

• If the President’s proposals were enacted, the federal government would record deficits of $1.4 trillion in 2011 and $1.2 trillion in 2012. Over the 2012-2021 period, deficits under the President's budget would total $9.5 trillion, compared with $6.7 trillion under those baseline projections. CBO, Summary Page

Fiscal Year 2011

• If the President's proposals were enacted, the federal government would record deficits of $1.5 trillion in 2010 and $1.3 trillion in 2011. Those deficits would amount to 10.3 percent and 8.9 percent of gross domestic product (GDP), respectively. By comparison, the deficit in 2009 totaled 9.9 percent of GDP. Measured relative to the size of the economy, the deficit under the President's proposals would fall to about 4 percent of GDP by 2014 but would rise steadily thereafter. By 2020, the deficit would reach 5.6 percent of GDP, compared with 3.0 percent under CBO's baseline projections. CBO Report, Summary Page

Fiscal Year 2010

• In 2010, the deficit would measure 9.9 percent of GDP; or $1.4 trillion, more than double the cumulative deficit projected under current-law assumptions. CBO estimates a 10-year deficit of $9.1 trillion under the President's policies. CBO Report, Page 1

None of the plans that President Obama submitted were projected to be deficit reducers. In fact, they were all projected to increase it. Certainly it holds that the president submitted these budgets in anticipation that they would become law. So here is what we are wondering -- If the $4 trillion dollar deficit reduction plan that the president's campaign says has been at the White House website for more than a year is a serious plan by him, why was it not the one he submitted to Congress 6 months ago when he submitted his annual budgetary proposal? Should we take a plan that he submits to become law more seriously than a plan on a website that never received a score by the CBO (and could have), let alone a vote by Congress? What do you think - Cast your vote.

Resources

Government Printing Office, Page 1

Original post date: August 15, 2012

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