Monday, February 01, 2010

Obama's New Budget: $5 Trillion More in Debt in Just Five Years

So much for the phony "spending freeze!"

On the White House web site, the Obama Administration announced their new budget proposal with the banner headline: "A new era of responsibility, the 2011 budget."

It may be a "new era" but it's hardly responsible. After complaining in his State of the Union address about the budget mess he inherited, Obama's big government spending spree will create record deficits for years to come.

The recklessness of this blatant fiscal irresponsibility is staggering. From the Politico:

After a record $1.4 trillion shortfall in 2009, the administration now says the red ink will reach $1.56 trillion this year and be little better, $1.27 trillion in 2011…The outlook….adds up to $5.08 trillion in red ink over the next five years. That’s $1.32 trillion or 35% more than the White House predicted 12 months ago.
With Democrats in control of Congress and the White House spending is spiraling out of control. Obama's proposed "spending freeze" even if it were implemented would do nothing to stem the red tide.

Meanwhile, the Congressional Budget Office reports that the $787 billion stimulus bill passed last February will cost $75 billion more than expected. Is anyone surprised?

Even today, Obama continues to try and blame the massive deficits on President Bush, completely overlooking the fact that Democrats have controlled both houses of congress since 2007 and deficits have skyrocketed even higher since he became President.

Democrats may talk and talk about fiscal responsibility but it carries no more weight than the countless empty promises they have made in the past.

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