Posted on 02/13/2012 11:37:31 PM PST by Steelfish
Obama Budget: National Debt Will Be $1 Trillion Higher In A Decade Than Forecast
The Washington Post’s Fact Checker Glenn Kessler examines recent claims made in Washington and on the campaign trail about the budget and the economy and determines which are fact and which are fiction.
By Lori Montgomery February 13
President Obama rolled out an election-year budget on Monday that would delay action to reduce the national debt in favor of fresh spending on Democratic priorities aimed at rebuilding the American middle class.
In his final budget request before facing voters in November, Obama called for $350 billion in new stimulus to maintain lower payroll taxes, bolster domestic manufacturing, lure jobs back from overseas, hire teachers, retrain workers and fix the nation’s crumbling infrastructure. There would be only modest trims to federal health-care programs and no changes to Social Security, the biggest drivers of future borrowing, despite last year’s raucous political debate over the federal debt.
Instead, Obama would reduce deficits by raising taxes by nearly $2 trillion over the next decade on corporations and the wealthy, in part by letting expire George W. Bush-era tax cuts on household income over $250,000 a year.
(Excerpt) Read more at washingtonpost.com ...
I don't believe this for a second...
After all, does anyone think that in 10 years that the national debt of Greece will still be as it is today at €24.125 Billion? NO WAY! It will be a LOT less, I'm sure of it... [one way or another]
The US as a country will not make it that long. At best we have until 2016 or the interest rate will crush the US. Unless we have a REAL Balance budget, and a slow plan to pay down the debit, we are Greece.
This will end, gradually, or the Greek way, but it will end.
Sad to say, the commies will learn nothing.
It will be more than 1 trillion higher than estimated by the end of 2012 let alone 2022.
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