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Obama’s Budget: Spending, Taxing, and More Debt3/24/2009President Obama’s budget increases spending by $1 trillion over the next decade, raises taxes on all Americans by $1.4 trillion over the next decade, and doubles the publicly held national debt to total over $15 trillion. Plus, it includes $250 billion for more financial bailouts.
And while Obama has framed his budget as a break from the Bush Administration’s policies, it really only accelerates Bush’s borrow, spend, and bailout policies. For example:
• President Bush expanded the federal budget by a historic and unprecedented $700 billion through 2008. President Obama would add another $1 trillion.
• President Bush ran budget deficits averaging $300 billion annually. After harshly criticizing Bush’s budget deficits, President Obama proposed a budget that would run deficits averaging $600 billion even after the economy recovers and the troops return home from Iraq.
• President Bush began a string of expensive financial bailouts. President Obama is accelerating that course.
What does this mean for the average taxpayer? Before the recession, federal spending totaled $24,000 per U.S. household. Obama’s budget would increase it to $32,000 per household by 2019—an inflation-adjusted $8,000-per-household expansion of government. And while your taxes will be raised to pay for it, no livable level of taxation would be able to pay for this increase in spending.
Thus, America’s debt will grow to $15 trillion. And this surge of debt will increase interest rates, slowing down the economic recovery by making it more costly for businesses to invest and more difficult for families to afford home and auto loans. Click here to learn more about the proposed budget, and its consequences.
IN OTHER NEWS:
10 Facts about American Healthcare
Question 1 Yesterday, President Obama delivered a major speech on education in an effort to garner support for his Race to the Top grant program and his push for national education standards and tests. The President’s remarks came on the heels of a speech delivered by Education Secretary Arne Duncan on Tuesday at the National Press Club, during which Duncan attempted to paint the Administration’s policies as part of a “quiet revolution.”
Question 2 Over the last four weeks, The Heritage Foundation sent multiple teams of respected energy, environment, homeland security and response experts to the Gulf to study the federal response to the oil spill. These three delegations, with more to come, have traversed the areas hit hardest by the crisis, talking to response workers, affected oil crews, fishermen, elected leaders and BP representatives. What we found is simple: President Obama’s administration has turned a crisis into a disaster, and someone needs to be held accountable.
Question 3 At the height of the debate over Obamacare, when the White House's leftist allies were in full panic mode, The Washington Post's Ezra Klein accused Sen. Joe Lieberman (I-CT) of being "willing to cause the deaths of hundreds of thousands of people." Lieberman's crime? He opposed including an expansion of Medicare in the health regulation bill. Now that the President's signature foreign policy achievement, the New START nuclear agreement with Russia, is on the ropes, the left is again back to their hyperbolic ways. Ploughshares Fund president Joseph Cirincione told The Associated Press last week: "A delayed ratification with a close vote would be a blow to U.S. leadership around the world. People would doubt the President's ability to negotiate other agreements."
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