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February 14, 2011
'Too much spending, too much borrowing, too much taxing'
Topics: Political News and commentariesClearly, Barack Obama learned nothing from his "shellacking."
The Hill reports:
President Obama's 2012 budget request to be released on Monday will reduce budget deficits over the next decade by only a quarter of the amount proposed by the presidential debt commission in December, a senior administration official confirmed Sunday.And for those who believe that those "new cost control measures" to pay for the two-year extension of the Medicare "Doc fix" will actually bring about the expected result, I've got some unicorns and rainbows for you.Whereas the debt commission's mix of spending cuts and tax increases reduced deficits by $4 trillion over 10 years, the Obama budget will reduce the combined deficits by $1.1 trillion.
Those deficits would otherwise total about $12 trillion when added together.
The budget also does not propose long-term solutions to Medicare and Social Security spending either, although it does propose paying for a two-year extension of the so-called Medicare "Doc fix" by new cost control measures. Congress regularly blocks the reduction in payments to doctors under Medicare reform and the cost of doing so has not been offset.
As Speaker John Boehner said on Meet the Press, Barack Obama's budget will destroy jobs by "spending too much, borrowing too much and taxing too much":
Business Insider puts Obama's budget in a nutshell. What caught my attention is that Obama increases (mis)-education spending by 11% next year, one of his "spending" increases that he calls an "investment."
Speaker Boehner's right. Far too much spending, far too much borrowing, and yes, far too much taxing. Even Erskine Bowles, the Democratic chairman of the fiscal commission, says the White House budget request goes "nowhere near where they will have to go to resolve our fiscal nightmare."
And as Jake Tapper points out today: "At no point in the president's 10-year projection would the U.S. government spend less than it's taking in."
Other coverage: Obama Budget - Fake Cuts, More Taxes
Suggested reading: A Tipping Point Is Nearing
Posted by Richard at February 14, 2011 6:09 AM
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