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The president sent a $3.73 trillion spending — er, I mean, “targeted investment” — plan to Congress.
By the way, the question in the title is rhetorical. Whether or not they’ll blame Bush is a no-brainer; I’m just wondering who will be the first out of the gate this time to blame him for this:
The president’s projected $1.65 trillion deficit for the current year would be the highest dollar amount ever, surpassing the $1.41 trillion deficit hit in 2009. It would also represent 10.8 percent of the total economy, the highest level since the deficit stood at 21.5 percent of gross domestic product in 1945, reflecting heavy borrowing to fight World War II.
Of course, there are supposed “spending freezes” and “savings” closing tax loopholes and assorted tax increases that are alleged to amount to $1.1 trillion in “deficit savings” by 2022, but year after year we hear this from Washington and the deficit does nothing but accelerate and strangle the country to death.
To see Obama’s “tough budget cuts” demonstrated in graph form, click here.
Michelle M. notes an analysis of the budget from ABC News: â€œAt no point in the presidentâ€™s 10-year projection would the U.S. government spend less than itâ€™s taking in.â€
And yet this all magically saves money and cuts the deficit in the long run… somehow…
Don Surber wants Republicans to cut up O’s credit card pronto.
Update: By way of HAP, here’s then-Senator and presidential candidate Obama blasting Bush’s $500 billion budget deficit. Sort of makes you long for the days of that kind of fiscal responsibility, doesn’t it?