President Obama's budget adds $6.6 trillion in deficits over the next 10 years, the non-partisan Congressional Budget Office (CBO) said Thursday.
That estimate is significantly worse than the $4.9 trillion in deficits predicted by the White House. The CBO used its own less rosy estimates of the economy to complete the analysis.
The CBO said by 2024, the deficit would be $746 billion, or 2.8 percent of the economy.
Under the baseline scenario, deficits would total $7.6 trillion over 10 years, about $1 trillion worse than under Obama's budget proposal. The CBO estimates $1.4 trillion in tax increases are contained in the budget.
The agency says the debt held by the public would be 74 percent of gross domestic product in 2024, slightly higher than today. Under the White House math, the debt drops to 69 percent of the economy.
The biggest differences in the accounting comes from the CBO forecasting $1.8 trillion less in tax revenue over the decade resulting from the budget. The budget office said that half of this is due to weaker economic growth and half is due to technical analysis of the tax plans in the budget.
“This new report is just more confirmation: The president’s budget would take us in the wrong direction," Ryan said. "It would take more from families to spend more in Washington. It would hollow out our national defense. It would weaken key priorities like Medicare. And it would never balance the budget — ever."