A March 2012 “baseline” report by the Congressional Budget Office, which assumed that the Bush tax cuts would expire and that deep cuts in military and domestic spending would be preserved, predicted the debt would rise by $2.9 trillion from 2013 to 2022 because of annual deficit spending.
The cliff deal [will] increase the 10-year baseline deficit of $2.9 trillion by $4 trillion, says the CBO in a report released Tuesday. That’s a nearly $7 trillion increase in debt by 2022.
The deal [will] increase the deficits during Obama’s second term by $1.7 trillion, in addition to the $1.7 trillion deficit already projected by the CBO, creating a four-year deficit of $3.4 trillion.
That $3.4 trillion in new debt by 2017 [will] increase the current federal debt from $16.4 trillion to almost $20 trillion in January 2017.
Nearly $10 trillion more in debt over Obama's two terms. But that's not going over a fiscal cliff, right? Sheesh.
(fyi: I've replaced all the 'would' statements in the article to 'will' since the deal is done.)
