CBO Director’s Blog summary of Long Term Budget Outlook (Interesting side comment: “Later this week, CBO will release a report on a number of different policy options for changing Social Security”). Elmendorf, not surprising given his history and current job, is fully on the side of the deficit hawk/hysterics.
Report text (1.2MB PDF) Long Term Budget Outlook
These were just released at 9AM Eastern so I haven’t had a crack at them yet. Feel free to beat me to the juicy parts and put them up in comments. I’ll update this post as necessary through the course of the morning.
Interestingly if we examine the above two figures we see that ‘Extended baseline’ which essentially means ‘Current law’ shows the deficit vanishing by 2014 and Debt Held by the Public stabilizing through 2035. Making some of the “If this goes on the sky will fall!” rhetoric around Obama policy a little overstated, just as with Social Security a plan of “Nothing” getting oddly some pretty good projected results.