Budget Office Says Obama Plan Would Cut Deficit by $1 Trillion

WASHINGTON — President Obama’s budget proposal, if enacted into law, would cut more than $1.1 trillion from the government’s projected deficits over the next 10 years, the nonpartisanCongressional Budget Office said on Friday. It would bring deficits down to near 2 percent of economic output, a level many economists consider safe in the long term. And it would hold them there for years to come.

Budget Office Says Obama Plan Would Cut Deficit by $1 Trillion