Obama's budget: $1.7 trillion in new spending

Following his theme of avoiding even the consideration of a spending decrease, Barack Obama has proposed a new budget short on spending cuts but long on taxes and debt. From the Heritage Foundation:

Over the 10 years in which both budgets overlap (FY 2010-2019), this year's budget would spend an additional $1.7 trillion and run up an additional $2 trillion in budget deficits (see Table 1).[1] In fact, this year's proposal shows annual budget deficits as much as 49 percent larger than last year's proposal--raising the debt by an additional 6 percent of GDP over the same period. It is a spending spree that will drive up both taxes and deficits.

Growing Debt

In addition, the President's budget would:

•Permanently expand the federal government by nearly 3 percent of gross domestic product (GDP) over 2007 pre-recession levels;
•Raise taxes onall Americans by more than $2 trillion over the next decade (counting health care reform and cap and trade);
•Raise taxes for 3.2 million small businesses and upper-income taxpayers by an average of $300,000 over the next decade;
•Borrow 42 cents for each dollar spent in 2010;
•Run a $1.6 trillion deficit in 2010--$143 billion higher than the recession-driven 2009 deficit;
•Leave permanent deficits that top $1 trillion in as late as 2020; and
•Double the publicly held national debt to over $18 trillion.[2]

And these are just some of the highlights. I sure hope that the congress has a little more self-preservation instinct than this President. He does not seem to get that his credibility is almost completely shot and his small suggestion for spending freezes (which will only impact a very small part of the budget) and his phony "deficit reduction commission" (non-binding of course) are transparent attempts to once again fool the voting public that spoke so clearly in Massecheusetts.


Keep it up Mister President. You are working hard to make the best deficit reduction plan come true-a one term presidency of Barack Obama.

Read the entire Heritage Foundation summary on the budget here.

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