The Heritage Foundation’s Brian Riedl has this lengthy summary of President Obama’s budget in the Wall Street Journal. An excerpt:
When he released his new budget proposal on February 1, President Barack Obama asserted that the government “simply cannot continue to spend as if deficits don’t have consequences; as if waste doesn’t matter; as if the hard-earned tax dollars of the American people can be treated like Monopoly money; as if we can ignore this challenge for another generation.”
Yet the President’s new budget does exactly that– raising taxes by $3 trillion and federal spending by $1.6 trillion over the next ten years. If enacted, this budget would increase the 2010 deficit to more than $1.5 trillion, and leave a deficit of more than $1 trillion even after an assumed return to peace and prosperity. Overall, the President’s budget would double the national debt over the next decade.
Runaway debt, massive deficits, job-killing tax hikes. Oh the joys of Hope and Change.