When President Obama released his first budget — entitled with no hint of irony, “A New Era of Responsibility” — he projected that deficit spending over the next five fiscal years (2010-14) would total $3.767 trillion. Now, Obama has released his fifth budget (which doesn’t seem to have a name). In it, he says that deficit spending over that same 5-year span (2010-14) will instead total $5.398 trillion. (This includes three years that are already on the books — see Table 1.1.) So Obama now admits that his original 5-year projection was off by $1,631,000,000,000.00 — or 43 percent.
It should make Americans feel better that this is the sort of precision we can expect from the president who spearheaded, and whose administration will now be implementing, “probably the most complex piece of legislation ever passed by the United States Congress,” legislation whose complexity “is just beyond comprehension” — Obamacare.