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Politics : Liberalism: Do You Agree We've Had Enough of It?
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From: TimF10/16/2009 7:46:57 PM
5 Recommendations  Read Replies (3) of 224890
 
President Obama's Agenda Would Bring $13 Trillion in Budget Deficits, Not $9 Trillion
by Brian M. Riedl
Backgrounder #2319

Abstract: President Obama's budget will likely produce $13 trillion in deficit spending over the next 10 years--nearly $4 trillion more than forecast. The White House figures are based on unrealistic estimates of discretionary spending, interest payments, and interest rates. The White House also used budget gimmicks to hide the full cost of certain entitlements and failed to account for the full costs of cap-and-trade energy legislation and health care reform.

The White House's mid-session budget review recently forecast that President Barack Obama's budget would create $9 trillion in budget deficits over the next decade--more debt than America accumulated from 1789 through 2008 combined.[1] Yet even that figure likely understates the 10-year budget deficit by nearly $4 trillion. It completely excludes the proposed new health care entitlement, underestimates other costs, and fails to include the full price of major legislation that the President has endorsed. A more realistic budget estimate incorporating all these costs shows:

* An additional $5 trillion in spending, $1 trillion in revenues, and $4 trillion in deficits over the next decade;
* Budget deficits adding $13 trillion to the national debt over the next decade;
* The national debt held by the public surpassing $20 trillion by 2019, reaching nearly 100 percent of gross domestic product (GDP) (See Chart 1);



Annual budget deficits rising to nearly $2 trillion by 2019 (See Chart 2);



...

heritage.org
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