March 4, 2014
Obama's Budget: $8.3 Trillion in More DebtTopics: Political News and commentaries
According to a joint analysis by Republicans on the Senate and House budget committees, Barack Obama's budget for fiscal year 2015 will add $8.3 trillion to the debt and hike taxes by $1.8 trillion. As of the time of this posting the national debt is $17,444,240,046 and increasing at the rate of $2.71 billion per day. And the $17.4 trillion in debt doesn't include $123.3 trillion in unfunded liabilities (Social Security, Medicare, Prescription Drug liabilities, National Healthcare unfunded liabilities).
Obama says his budget will "make smart investments" (read as 'spending' taxpayer money on his socialist agenda and pandering to his base) to address global warming, provide "preschool for all" and ensure that the wealthy are "paying their fair share" (his favorite BS line for 'wealth redistribution'.
Obama apparently forgot to mention unicorns, rainbows, and fairies.
[...] Since Obama took office in 2009, the debt has increased by $6.8 trillion to a total of $17.463 trillion. Based on the president's budget proposal, gross debt would reach $25 trillion in 2024, according to the GOP analysis.More here ...
The proposal also increases spending by $791 billion over 10 years. Spending would rise $114 billion in 2015, $56 billion above the bipartisan budget agreement that the president signed into law on Dec. 26.
Overall, spending would increase 63 percent over the next 10 years.
Via the Heritage Foundation, the OMB has it that the national debt will reach $25 trillion under Obama's budget:
(If President Obama's FY 2015 budget became law, the national debt would reach $25 trillion by 2024, despite massive tax increases. This debt would consist of $19 trillion borrowed in credit markets (public debt) and $6 trillion borrowed from government agencies (intragovernmental debt)).
Let's all hope and pray that our great, great, great, great, great grandchildren have lots of money to spare ... because it's going to take about that long to pay off all the debt Obama and his predecessors have piled up ... Obama being responsible for most of the increase in debt (keep in mind that it's still increasing).
On the other hand, putting all this into its proper perspective (via Terence P. Jeffrey at Creators.com), Obama will outspend and out-borrow the admittedly profligate George W. Bush, a man Obama and his lieutenants routinely (edit - 'and appropriately') malign for fiscal recklessness and who, when in office, was often hailed even by his allies as a Big Government Republican. Obama will even outspend -- but not quite out-borrow -- his fellow welfare-state liberal FDR, who had to contend with both the Depression and World War II.
Posted by Hyscience at March 4, 2014 3:14 PM
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