- ‘Welcome to the edge of freedom’: Biden’s boots touch down in DMZ
- Obama: Hole U.S. ‘digging out of’ requires billions more in unemployment benefits
- Obama’s regulatory agenda will cost U.S. economy $143B next year: report
- Patriot Act author on James Clapper: Fire, prosecute him
- Russia P.M. Medvedev: No amnesty for political prisoners
- Michigan GOP Senate hopeful reminds government is the ‘servant’
- Christmas, by Congress: Members mull a 15-cent tax on trees
- U.S. unemployment falls to five-year low of 7 percent; 203K jobs added
- World mourns Nelson Mandela and celebrates his life; burial set for Dec. 15
- Bill O’Reilly reminds: Nelson Mandela ‘was a communist’
CBO: Obama budget deepens debt by $3.5 trillion
President Obama’s budget would pile up an additional $3.5 trillion in debt over the next 10 years and shows the government’s trust funds running out of money in 2020, Congress’s official non-partisan scorekeeper said Friday.
In 2012 alone Mr. Obama’s budget would leave a $1.3 trillion deficit — $82 billion worse than if none of his policies were enacted. Over the next ten years the deficit would dip to less than a half-trillion dollars in 2017, but would rise again in the later years.
By 2022, a decade from now, the federal government would spend $5.6 trillion and take in $4.9 trillion in revenue — both figures far outstripping today’s levels.
Mr. Obama released his budget last month, but it has received scant attention on Capitol Hill, where both Republicans and Democrats have ignored it. It proposed a mixture of new tax increases and tax cuts, and called for some new spending, particularly in education and infrastructure, but mostly left the entitlement programs such as Medicare and Social Security untouched.
In a blog posting Jeff Zients, Mr. Obama’s budget director, said CBO “confirms that the president has a balanced plan to reduce our budget deficits and put the country on a fiscally sustainable path.”
“CBO found that by 2016 deficits as a share of the economy would be below 3 percent — a key milestone of fiscal sustainability. It found that after implementing the President’s Budget, debt held by the public will decrease and then stabilize as a share of the economy, also a key indicator of improving fiscal health,” Mr. Zients wrote.
Relative to what current law dictates, CBO says Mr. Obama’s budget deepens the deficit every year for the 10-year window the agency examined.
House Republicans are pushing to write their own budget that would address the costs of those major programs. CBO’s analysis on Friday said the programs will continue to eat up an ever-larger share of government spending over the next decade, rising from $2.1 trillion in spending this year to $3.4 trillion in a decade.
Rep. Paul D. Ryan, chairman of the House Budget Committee, said CBO’s analysis shows Mr. Obama will fall short of his promise to trim the deficit in half by the end of his four-year term of office.
“Today’s analysis serves as a disappointing reminder of this administration’s broken promises and failed leadership when it comes to averting the most predictable economic crisis in our history,” he said.
Senate Majority Leader Harry Reid, Nevada Democrat, has said he doesn’t want to take up a budget in his chamber.
He says last year’s debt deal already set levels for the annual spending bills to meet, so no budget is necessary.
That debt deal did not address the long-term increases in mandatory spending programs.
© Copyright 2013 The Washington Times, LLC. Click here for reprint permission.
About the Author
Stephen Dinan can be reached at firstname.lastname@example.org.
- Federal deficit shrinks 20 percent in fiscal 2014
- Obama administration issues permits for wind farms to kill more eagles
- Activists urge Obama to go rogue, sidestep Congress
- Bipartisan House votes against 'patent trolls' who file lawsuits against innovators
- Bipartisan House votes to stop patent 'trolls'
Latest Blog Entries
- Bill OReilly reminds: Nelson Mandela was a communist
- Spike in battlefield deaths linked to restrictive rules of engagement
- Obama: Hole U.S. 'digging out of' requires billions more in unemployment benefits
- Snow storm sucker punch: U.S. hit by winter wave
- Syria mess may spawn 'Islamic emirate' world must deal with, says Iraq's top diplomat
- U.S. pilot scares off Iranians with 'Top Gun'-worthy stunt: 'You really ought to go home'
- Hack attack: 2 million Facebook, Twitter passwords stolen
- U.S. debt jumps a record $328 billion tops $17 trillion for first time
- GORDON: Purging America's military
- Obamacare's bold vision turns murky: Health reform downsized, promises broken
Independent voices from the The Washington Times Communities
Get in the middle of all the action inside and outside the boxing ring.
Opinion, analysis, and musings on politics, pop culture, reinvention, and the resultant flotsam and jetsam floating around the right-of-center quadrant of the Left Coast.
The cold hard truth about politics in America today and the state of this once great nation.
Find the latest news and happening that effect those in the Washington D.C., Northern Virginia and Maryland Metro region.
White House pets gone wild!