by William Teach | February 1, 2010 10:00 am
Just a few short days ago, during both the State Of The Union and the GOP Retreat, President Obama told us he was concerned with the growing deficit – and, as usual, blamed it mostly on Bush – and that he would address it and reduce it. Stuttering Bob Gibbs even told us that Obama was “committed to keep his pledge to reduce the deficit.” Flash forward, and, shocker! Another promise broken
President Obama is sending Congress a $3.8 trillion budget on Monday that will increase spending in the fight against high unemployment, boost taxes on the wealthy and freeze spending for a number of government programs.
The deficit for this year would surge to a record-breaking $1.6 trillion, according to a congressional official who had access to a White House summary document. That deficit would easily top last year’s then-record $1.41 trillion gap.
The congressional source, who spoke on condition of anonymity before the budget’s official release, said the deficit would remain above $1 trillion in 2011 and would average 4.5 percent of the economy over the next decade, a level that economists consider a threat to long-term economic prosperity.
Obama is still on his bandwagon about increasing taxes on those who make $250k or more, but, has anyone heard him ask Congress to make sure that the tax decreases from the 2001/2003 tax legislation on those making less be reauthorized? Yeah, me neither.
In an effort to address the deficit, the president’s budget would institute a three-year budget freeze on a variety of programs outside of the military and homeland security as well as increasing taxes on energy producers and families making more than $250,000.
If he has a budget freeze proposal, then where is the extra money in the budget going? Obama told us about the out of control spending. He can’t, in reality, blame this one on Bush. Though, he will do so anyhow.
The LA Times tells us that Obama is including $100 billion for a three letter word, j-o-b-s. Say, what about all the money Stimulus money that was supposed to go to shovel ready jobs? Is Sheriff Joe monitoring the web site number? Since the White House is saying that only 1/3 of the money has been spent, that leaves around $525 billion dollars left.
The White House envisions a $1.267-trillion deficit in fiscal year 2011, smaller than this year’s projected $1.56 trillion.
They can envision all they want. However, Obama’s actions and/or failure to act, rarely matches his actual vision and rhetoric.
Source URL: https://rightwingnews.com/economy/obama-budget-to-hit-3-8-trillion-deficit-1-6-trillion/
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