CBO estimates Obama 2013 budget will hit economic growth: The nonpartisan Congressional Budget Office said Friday that President Obamas 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. The new CBO report complements a March estimate that Obamas budget would add $3.5 trillion to deficits over 10 years compared to current law. That report did not try to capture any effects on economic growth. The White House, using a different baseline than CBO, has claimed its budget would reduce deficits by $3.2 trillion over 10 years. CBO estimates Obama 2013 budget will hit economic growth - The Hill's On The Money Anyone see this coming?