CBO estimates Obama’s 2013 budget plan would hit economic growth


By Erik Wasson – 04/20/12 12:02 PM ET

The nonpartisan Congressional Budget Office said Friday that President Obama’s 2013 budget will hurt the economy in the long term, arguing the larger deficits it would produce would reduce the amount of capital available to businesses.

After five years, the CBO says, the Obama proposals would reduce economic output by between 0.5 percent and 2.2 percent.