The President’s Budget – MoreSpending, Taxing, Borrowing and Debt for America
February 15, 2012
On February 23, 2009 President Obama stated that he would “cut the deficit in half” from when he entered office, to the end of his term. The actual or projected deficit tallies for the four years in which Obama has submitted budgets are: $1.293 trillion in 2010, $1.300 trillion in 2011, and $1.327 trillion in 2012. Just this week the President announced his budget for the 2013 Fiscal Year. He will again miss his goal of achieving $650 billion in deficit spending and is forecasting a deficit of $901 billion in 2013. In total, the deficit spending during the President’s time in office is an estimated $5.170 trillion. That’s more than George W. Bush, the man Obama blames for the deficits of today, tallied up in 8 years in office.
However, the President has only himself to blame for the sharp increase in debt and deficit. His budget outlines a number of areas where spending is set to expand. In 2013 the President has proposed $4 billion for more Census funding, which is supposed to only occur every 10 years and was completed in 2011. He has also asked $250 billion for a new TARP reservefund. $1.3 million more in funding for government-subsidized rental properties to help people who've defaulted on their mortgage. The budget puts the government “on a path” to double its foreign aid budget. $5 billion for high-speed rail. $800 million for the next generation of air traffic control.He also increases the EPA budget by 34 percent over fiscal year 2009 levels,NASA's budget by $2.4 billion, and funding for the National Science Foundation by 16 percent over 2008 levels
If increased reckless spending was not enough for the President, he has decided to include billions in new taxes. The budget assumes the permanent expiration ofthe Bush tax cuts for the higher income brackets, realizing about $85 billion in new revenue by the end of his first term. The budget outline also accounts for increases in premiums paid by Medicare recipients earning more than $170,000 per year, and reducing the itemized deduction rate for families with incomes over $250,000 per year. He reinstates the Superfund tax by 2011 and implements unspecified “international enforcement, reform deferral, and othertax reform policies” to the tune of $210 billion over 10 years, while eliminating the Advanced Earned Income Tax Credit. In total, the budget projects the cost of all the new tax cuts, tax hikes, spending (including $15billion per year on Green Energy) will exceed $660 billion over 10 years, with a slight majority of that cost realized in Mr. Obama's second term.
In the end the President’s 2013 budget is less budget andmore a recipe for fiscal disaster. At the end of this trillion dollar wide trail of taxing, spending, and borrowing it will leave each of the roughly 300 million American citizens repaying just over $17,000 per person towards the debt — or about $70,000 for a family of four. Our country can no longer afford the fiscal recklessness of this President and his enablers in Congress. This election year CapitolWatch urges Americans to vote for a candidate who will stop the tide of reckless spending that has become business as usual in Washington.