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CBO: Obama budget cuts deficits $1.1 trillion by 2023

WASHINGTON — Congress’ nonpartisan budget analyst says President Barack Obama’s budget would trim projected federal deficits by $1.1 trillion over the coming decade.

The Congressional Budget Office said Friday that after four straight years of annual shortfalls exceeding $1 trillion, Obama’s budget would leave this year’s deficit at $669 billion.

The report says annual budget gaps would fall slowly to $399 billion in 2017 before gradually rising again.

The budget office says that of the overall savings Obama proposes, $974 billion would come from higher revenues and $172 billion from spending cuts.

Overall, the budget office says Obama’s budget would produce $5.2 trillion in red ink through 2023. But that is $1.1 trillion less than the deficits that would be generated over that time if no tax or spending laws are changed.