Obama $3.73 Trillion Budget, Tough Choices And Sacrifices?
February 14, 2011
President Obama sent Congress his budget plan for 2012 the costs almost $4 trillion with a plan that cuts a little over $1 trillion in the next 10 years. Obama called this a “tough choice and sacrifice.” The biggest questions are who’s making the tough choice and who’s sacrificing.
The federal deficit for the current fiscal is projected to spike to record levels:
“The White House projected Monday that the federal deficit would spike to $1.65 trillion in the current fiscal year, the largest dollar amount ever, adding pressure on Democrats and Republicans to tackle growing levels of debt.”
Speaking of records, the amount of U.S. debt has now equaled the U.S. economy:
“President Obama projects that the gross federal debt will top $15 trillion this year, officially equaling the size of the entire U.S. economy, and will jump to nearly $21 trillion in five years’ time.
Amid the other staggering numbers in the budget Mr. Obama sent to Congress on Monday, the debt stands out — both because Congress will need to vote to raise the debt limit later this year, and because the numbers are so large.
Mr. Obama‘s budget said 2011 will see the biggest one-year jump in debt in history, or nearly $2 trillion in a single year. And the administration says it will reach $15.476 trillion by Sept. 30, the end of the fiscal year, to reach 102.6 percent of gross domestic product (GDP) — the first time since World War II that dubious figure has been reached.”
The numbers above are startling and have been warned about from experts like House Budget Committee Chairman Representative Paul Ryan (R-WI) who said we are nearing a fiscal crisis and that Obama’s budget for 2011 will literally crash the U.S. economy. Remember, the Obama administration has already increased spending by 27%, and this new spending bill will only spike that.
The only group of people that will be having to make tough choices are the taxpayers who will be funding this new spending spree and the future generation of Americans who will be burdened with debt.
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