“Last month,” writes Conn Carroll in the Washington Examiner,
. . . the CBO’s Budget and Economic Outlook showed federal spending would total $44.251 trillion through 2022. Obama’s budget released yesterday shows $46.959 trillion in spending through 2022. That is a $2.7 trillion spending increase. For 2012 alone, Obama’s budget increases spending by $195 billion.
No wonder then, as Carroll reports, that
Senate Budget Committee Ranking Member Jeff Sessions, R-Ala., challenged Office of Management and Budget Deputy Director Jeffrey Zients to resign this morning, unless he could substantiate his claim that President Obama’s budget does not increase spending.
“Do you propose to spend more money over the next ten years than what the Budget Control Act and current law would cause us to spend?” Sessions asked.
Via Instapundit. So, the president plans to increase spending over the levels he and Congress agreed upon last summer.
Recall the “astounding” figure Bob Schieffer cited in the third presidential debate in 2008 of a federal deficit of $455 billion. The then-Democratic presidential nominee replied promising not only a “net spending cut”, but also saying that if we made investments then (i.e., increased government spending), then we would save “in the future“, adding
But what is absolutely true is that, once we get through this economic crisis and some of the specific proposals to get us out of this slump, that we’re not going to be able to go back to our profligate ways.
In other words, while he favors a temporary burst of spending to lift us out of the economic crisis, once it has passed, he envisioned a new era of fiscal responsibility.
Having studied the president’s budget proposal, Liz Peek finds, however, that the Democrat intends to extend our profligate ways far into the future:
Through certain spending cuts, some gimmickry (counting not spending on two wars as deficit reduction) and $1.5 trillion in tax hikes, the budget gap is projected to shrink to $575 billion in 2018, comfortably beyond the range of the country’s political telescope.
Via Instapundit. Guess that means Obama thinks we’ll still be going through this economic crisis six years hence. ($575 billion is greater than $455.)