Organizing for America, a project of the Democratic National Committee, was born out of the former Obama campaign infrastructure. Today, the group released its first television ad in support of — guess who? — President Obama:
The ad says that Obama has a plan to "cut the deficit in half." But as we pointed out yesterday in our review of the president’s prime time news conference, there is more to the story. The administration’s Office of Management and Budget does indeed project that the annual federal deficit will be half of 2009’s deficit by 2013, the last fiscal year of Obama’s term. OMB forecasts a drop from $1.3 trillion to $533 billion. And the Congressional Budget Office is roughly in agreement, projecting a 2013 deficit of $672 billion, which is a 48 percent reduction from 2009’s figure.
However, both OMB and CBO also predict that deficits will shoot right back up after the initial four-year drop. OMB predicts a rise to $712 billion in 2019, and CBO predicts a nearly $1.19 trillion deficit that year.