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February 01, 2010

Obama Unveils Budget: Everything Goes Up...Taxes, Spending and Deficits

Here's the scary thing...as crappy as it looks, it's only going to get worse as Democrats in Congress attempt to buy their way to re-election.

President Barack Obama proposed a $3.8 trillion budget for fiscal 2011 that will add fuel to the debate over the size and scope of government. The plan includes big increases in personal and business taxes, modest spending cuts and increased outlays for education, defense and jobs initiatives.

In the days leading up to Monday's release, the Obama administration has focused on proposals to cap so-called discretionary spending, roughly 17% of the total budget, as part of a plan to narrow the record $1.6 trillion gap between proposed budget outlays and tax receipts. But the budget plan calls for nearly $1 trillion in tax increases on upper-income families—largely by allowing Bush tax cuts to expire. Banks, bankers and multinational corporations would face new fees and levies. And oil companies would lose $39 billion in tax breaks.

Overall, Mr. Obama's budget plan would shrink the current deficit to $727 billion, or 4.2% of the gross domestic product, by 2013. But if annual deficits shrink, the total federal debt will keep growing. In all, the president's budget would add $8.5 trillion to the federal debt through 2020, pushing the debt as a percentage of GDP to 77% from 53%.

I was promised there would be no math on this blog (mainly because I suck at it) but if the total budget is 3.8 Billion and the deficit spending is 1.6 Billion, that means just over 40% of the entire budget is borrowed money. Again, I'm not good at math but someone want to explain how that's even remotely sustainable?

Well, Obama can't blame Bush for this.

Who am I kidding? Of course he will.


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posted by DrewM. at 11:17 AM

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