Bipartisan Payroll Tax Cut is going to raise the Obama Deficit

Republicans wanted budget cuts to offset the payroll tax cut, but Obama wanted more taxes on the wealthy. Now Obama gets credit for raising the deficit. It looks like the derp is on Obama for this one.

Via USA Today:

The payroll tax cut recently enacted by Congress and signed by President Obama will increase the federal budget deficit this year, the Congressional Budget Office says.

What's more, the deficit is likely to be a little deeper than estimated in 2013 and 2014 as well.

The agency's latest report, which updates its forecast from January, shows a likely deficit this year of $1.2 trillion, rather than the $1.1 trillion originally projected. It shows the deficit declining to $1 trillion in 2013 and $953 billion in 2014, both a bit higher than January's forecasts.