By how much, you might wonder? The Hill: The Congressional Budget Office on Friday released its analysis of President Obama's 2012 budget proposal and found it does less to rein in deficits and the debt than the administration had estimated.CBO estimates Obama's plan would produce 10 years of deficits totaling $9.5 trillion. By 2021, it would increase the debt held by the public to 87 percent of gross domestic product.  The administration, using different methods, estimated budget deficits would total $7.2 trillion over the next 10 years under the 2012 budget. It forecast that total debt in 2021 would be 77 percent of GDP. The White House also said total deficits over the next decade would by $2.2 trillion more without the recommendations included in Obama's budget.Marc Goldwein, policy director for the Committee for a Responsible Federal Budget, explained that the difference between the CBO's $9.5 trillion estimate and OMB's $7.2 trillion estimate comes from two sources:...(Read Full Post)