True Size of the Deficit? Try $106 Trillion

Photo Credit: National Review

…Obama officials came into the initial meetings on the Hill [regarding the long term budget deficit] reiterating the president’s position that $4 trillion in deficit reduction would basically solve the problem for now.

But according to GOP deficit projections … the true size of the problem is staggering, and surprised even many of the seasoned budget negotiators involved.

$4 trillion? Try $106 trillion, the medium estimate. That’s $106,954,000,000,000. Even the lowest, extremely conservative estimate comes in at $72 trillion; the highest is over $120 trillion.

The amounts are so large that some controversial reforms appear inconsequential in comparison. Take Obama’s “chained CPI” proposal: it would save an estimated $89 billion over ten years, or 1.3 percent of the total deficit over those same ten years…

The Senate GOP’s projections are based on CBO’s cost projections and generally conservative.

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