Read the 112-page CBO report HERE. You can read a shorter executive summary HERE.
The CBO projects that during the next few years, federal budget deficits would decline as a share of GDP if the current-law assumptions about fiscal policy in CBO's baseline came to pass. This includes the assumption that the Bush tax cuts will be allowed to sunset. Under those assumptions, the deficit would drop to 7.0 percent of GDP in 2011 and 4.2 percent in 2012 and then would reach a low of 2.5 percent of GDP in 2014. For the rest of the 10-year projection period, deficits would range between 2.6 percent and 3.0 percent of GDP, close to the average of 2.6 percent of GDP experienced over the past 40 years.
In response to the initial report, some smart-aleck posted the following comment to the McClatchy story:
O.K., fair enough. That means that the overall national debt under Bush grew by $4.9 trillion over an eight-year period. That's an average of $612.5 billion per year. In contrast, the national debt under Obama is now currently at $13.5 trillion according to the ticker on my sidebar. That's $2.9 trillion in ONLY two years, an average of $1.45 trillion per year.
The national debt has grown over twice as fast under Obama than under Bush. Try again, lefties.