Open Thread: Obama’s Horrendous Budget
President Obama made it perfectly clear with the budget proposal he submitted Monday that he has no interest in subordinating his agenda to the the country's long-term fiscal health and sustainability. Under the proposal, the federal government will add $26.3 trillion in new debt over the next ten years. Jake Tapper summed it up thusly : “The plan shows that Obama will not take the lead on any aggressive measure to eliminate the nation’s $14 trillion debt.” Head below the break for a list of some of the more disheartening figures from the budget, compilments of NRO's Andrew Stiles . $3.73 trillion — total spending this year (25 percent of GDP, highest levels since World War Two). $46 trillion — total spending over the next decade. $8.7 trillion — total new spending over the same period. $26.3 trillion — Total new debt, including entitlement obligations, predicted by 2021. $7.2 trillion — Total deficit predicted by the end of the decade. $1.1 trillion — How much the White House estimates the proposal will reduce the deficit over the next ten years. $4 trillion — How much the president’s deficit commission recommended reducing the deficit over the next ten years to avoid financial catastrophe. $1.6 trillion — The projected annual deficit for 2011 (11 percent of GDP), up from $1.3 trillion in 2010. Follow the link for more of the numbers. Any surprise here? How will the media react, do you think?
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Open Thread: Obama’s Horrendous Budget
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on February 15, 2011. Filed under