• Email
  • Share:

The President’s New Spending Plan, By the Numbers

The Republican staff of the Senate Budget Committee has put together a simple summary of the President’s most recent spending plan. Recall the claims that Obama made for his proposal:

I’m proposing real, serious cuts in spending… All told, this plan cuts $2 in spending for every dollar in new revenues.

Hardly. This is what the Budget Committee finds:

$1.4 trillion ……………………………. Actual deficit reduction through 10 years under the president’s plan, less than half the amount promised

Zero ……………………………………… Percent of deficit reduction that comes from spending cuts

$1.6 trillion ……………………………. Net tax increase over 10 years

$146 billion ……………………………. Spending increase over 10 years above current law levels

$9.7 trillion ……………………………. Additional gross debt that would accumulate over 10 years

$1.3 trillion ……………………………. Projected deficit in 2012, a $300 billion increase over OMB’s last projection

$293 billion ……………………………. Medicare “Doc Fix” cost that is assumed but not paid for

$565 billion ……………………………. Projected deficit in 2021

24 ………………………………………… Federal spending as a percent of GDP in 2021, a stunning 18 percent increase in the size of government relative to the historical average

$47 trillion …………………………….. Total projected federal spending over 10 years

9.1 ……………………………………….. Percent of workforce currently unemployed

24.9 ……………………………………… Millions of Americans unemployed and underemployed

25 ………………………………………… Months during Obama presidency that the unemployment rate has been above 9 percent

Recommend this Power Line article to your Facebook friends.

Responses