Obama's Budget: More Spending, More Debt
See also: Battle of the Budgets
President Obama is trying to sell his 2014 Budget as a "fiscally responsible" plan that will "cut the deficit by $1.8 trillion over the next decade." Obama remarked, "When it comes to deficit reduction, I've already met Republicans more than halfway." Not surprisingly, this is a fabrication.
The SummaryTables show that the budget does not cut federal spending. To the contrary, outlays rise steadily every year, from $3.778 trillion in 2014 to $5.660 trillion in 2023, a rise of almost 50% over 10 years, or 4.6% per year.
The budget does not cut the federal debt; deficit spending every year in the next decade adds $5.271trillion to the debt.
The only way Obama can claim that he's cutting the deficit is by comparing his bloated budgets to the even more bloated budgets on baseline projections.
Furthermore, the budget projects an increase in tax receipts from $3.034 trillion in 2014 (itself 11.8% higher than 2013) to $5.220 trillion in 2023, an increase of 41.8%. Without this projected robust revenue growth, the debt and deficit picture would be even more catastrophic.
A sample of budget priorities from Oil & Gas Journal:
The budget requests $7.9 billion in spending across the government in fiscal 2014 on programs "to accelerate the transition to a low-carbon economy and position the United States as the world leader in clean energy," according to documents accompanying the proposal.
The Department of Energy would spend $1.8 billion, 43% more than in 2012, "to advance the state of the art in clean energy technologies such as advanced vehicles and biofuels, industrial and building energy efficiency, and renewable electricity generation from solar, wind, water, and geothermal resources."
The proposed elimination of tax preferences would cost the oil and gas industry an estimated $3.9 billion in 2014 and $40.7 billion during 2014-23.