CBO: Obama Understates Deficits by $2.3 Trillion

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Republicans are criticizing the Obama administration for its budget proposals.

A new estimate from the Congressional Budget Office said the White House has underestimated future deficits by $2.3 trillion over 10 years.

The report also found that the president's budget increases this year's deficit by $26 billion.

The CBO projects the 2012 deficit at $1.2 trillion, above the White House estimate of $1.1 trillion. Over 10 years, the CBO says the annual deficit would remain above $700 billion.

Congressional Republicans said the report shows that Obama isn't serious about cutting spending.

"The CBO analysis proves that the president's budget accelerates our dangerous and unsustainable trajectory," said Sen Jeff Sessions, R-Ala. "It is the most irresponsible spending plan a president has put forward in our time."

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