The CBO says that growth will be slower and deficits will be larger than the administration predicts. Marc has a post on this here, but I'd like to add a few things. Namely, graphs. They're after the jump.
Marc also says that Chuck Grassley is describing the CBO's word as the "gospel." Well, maybe. But the CBO always bends over backwards to make clear that its assumptions about growth rates and deficits are tricky things that are not necessarily widely shared. In addition to preaching a gospel of facts and figures, it preaches a gospel of uncertainty and restraint.
That said, here's what the deficit looks like, according to the CBO: