To: Pogeu Mahone who wrote (122108 ) 4/17/2010 2:25:01 PM From: longnshort Respond to of 132070 online.wsj.com Obama's $3,000,000,000,000 Tax Hike The president's budget would borrow 42 cents for each dollar spent in 2010. snippet : By BRIAN M. RIEDL From the Heritage Foundation When he released his new budget proposal on February 1, President Barack Obama asserted that the government "simply cannot continue to spend as if deficits don't have consequences; as if waste doesn't matter; as if the hard-earned tax dollars of the American people can be treated like Monopoly money; as if we can ignore this challenge for another generation."[1] Yet the President's new budget does exactly that-- raising taxes by $3 trillion and federal spending by $1.6 trillion over the next ten years. If enacted, this budget would increase the 2010 deficit to more than $1.5 trillion, and leave a deficit of more than $1 trillion even after an assumed return to peace and prosperity. Overall, the President's budget would double the national debt over the next decade.[2] President Obama's Budget •Would permanently expand the federal government by 3 percent of gross domestic product (GDP) over 2007 pre-recession levels; •Would raise taxes on all Americans by nearly $3 trillion over the next decade; •Would raise taxes for 3.2 million small businesses and upper-income taxpayers by an average of $300,000 over the next decade; •Would borrow 42 cents for each dollar spent in 2010; •Would run a $1.6 trillion deficit in 2010--$143 billion higher than the recession-driven 2009 deficit; •Would leave permanent deficits that top $1 trillion as late as 2020; •Would dump an additional $74,000 per household of debt into the laps of our children and grandchildren; and •Would double the publicly held national debt to over $18 trillion. Source: Heritage Foundation calculations based on U.S. Office of Management and Budget, Budget of the United States Government, Fiscal Year 2011 (Washington, D.C.: U.S. Government Printing Office, 2010), pp. 146-179, Tables S-1 through S-14. Also includes the cost of House-passed cap-and-trade bill, which President Obama endorsed yet excluded from his budget tables. more : cbsnews.com March 16, 2010 5:13 PM National Debt Up $2 Trillion on Obama's Watch Posted by Mark Knoller The latest posting from the Treasury Department shows the National Debt has increased over $2 trillion since President Obama took office. The debt now stands at $12.6 trillion. On the day Mr. Obama took office it was $10.6 trillion. President George W. Bush still holds the record for the most debt run up on his watch: $4.9 trillion. But it took him over four years to rack up the first two trillion dollars in debt. It has taken Mr. Obama 421 days.pajamasmedia.com April 16th, 2010 11:55 am How Could We Be So Stupid? Let Us Count the Ways We are going to pile up another $3 trillion in national debt in just the first two years of the Obama administration. If the annual deficit should sink below $1.5 trillion, it will be called fiscal sobriety. Why, when we owe $12 trillion, would the Obama administration set out budgets that will ensure our collective debt climbs to $20 trillion? Why are we borrowing more money, when Medicare, Social Security, the Postal Service, Amtrak, etc. are all insolvent as it is? What is the logic behind something so clearly unhinged? I present seven alternative reasons — some overlapping — why the present government is hell-bent on doubling the national debt in eight years. Either one, or all, or some, or none, of the below explain Obama’s peculiar frenzied spending. Here for the rest : pajamasmedia.com money.cnn.com Broke! Fixing America's fiscal crisis CBO: $10 trillion jump in debt under Obama budget By Jeanne Sahadi, senior writerMarch 5, 2010: 6:13 PM ET NEW YORK (CNNMoney.com) -- If President Obama's 2011 budget were put into effect as proposed, the U.S. federal government would add an estimated $9.8 trillion to the country's accrued debt over the next decade, according to a preliminary analysis from the Congressional Budget Office. Of that amount, an estimated $5.6 trillion will be in interest alone.