At Power Line, John Hinderaker says a chart on budget deficits put out by the Congressional Budget Office shows President Obama’s claim that he’ll reduce deficit spending is “a bald-faced lie.”
Really? Hinderaker reproduces the chart, so have a look. What I see is that the deficit hits a mind-boggling $1.8 trillion or so during the current fiscal year, 2009, which ends on Sept. 30. We already knew that, and we know the reason: it’s the government’s response to the current economic emergency — the stimulus package, bailouts, etc., etc.
After that, though, both the White House and the CBO agree the deficit will shrink quite rapidly until around fiscal 2012 or ’13. Then the two sets of figures start to diverge. But that’s not really of much importance, is it? As Obama observed last night, adjustments will be made along the way.
Forced to choose between Hinderaker’s interpretation and my own lying eyes, I’ll go with the latter.