Obama's Budget: More Spending, More Debt

Peter Wilson
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...(Read Full Post)

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