PatriotPost.US According to new studies released by the Senate Budget Committee GOP staff and the Congressional Budget Office, Barack Obama's magic plan to reduce the deficit and balance the primary budget -- the actual budget minus interest on the debt -- won't even come close.
The GOP study concludes that the president's budget proposals would create a deficit averaging 5 percent of GDP each year between 2015 and 2020. However, in order to slow the growth of the debt to the rate of economic growth, currently at 1.7 percent, the primary budget would have to run a large surplus. Obama's budget thus has no chance of being balanced by 2015. To make matters worse, the CBO reports that interest rates on the debt are expected to rise to 5.9 percent by 2020, making it more difficult with each succeeding year to pay down the debt.