The two trillion budget error

The CBO has confirmed President Obama's budget underestimates the deficit created by 2.3 trillion over the next decade.

(AP) — A new assessment of President Barack Obama’s budget released Friday says the White House underestimates future budget deficits by more than $2 trillion over the upcoming decade.

The estimate from the nonpartisan Congressional Budget Office says that if Obama’s February budget submission is enacted into law it would produce deficits totaling $9.5 trillion over 10 years — an average of almost $1 trillion a year.

Obama’s budget saw deficits totaling $7.2 trillion over the same period.