Skip to content

Obama’s Budgets

October 18, 2009

Liberals correctly point out the excess spending during the Bush years without naming where they would cut spending.

Here are the facts on Obama-you decide.

DEFICIT

Obama has forecast a budget deficit of $1.75 trillion in the current fiscal year 2009, but the Congressional Budget Office projected it would be higher, nearly $1.85 trillion.

The highest deficit as a share of the economy since World War Two.

The deficit totaled $455 billion in 2008, which was an all-time high in dollar terms.

Obama wants to reduce the deficit to $533 billion, or 3 percent of GDP, by 2013.

TAXES

Obama will boost tax collection to 19 percent of the economy in 2013 from about 16 percent this year.

Obama would allow the Bush Tax cuts to expire  allowing the highest U.S. income tax bracket to rise to more than 39 percent from 35 percent.

The budget also assumes a tightening of enforcement of the tax code to crack down on people who use loopholes and other measures to avoid taxes which has never happened.

SPENDING

Obama’s budget assumes a decline in government spending to 22 percent of the economy in 2013 from about 26 percent.

Stand by for a Value Added Tax and more liberal complaints about Bush.

Advertisements
No comments yet

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: