Spending under Barack Obama and the Democrats in Washington has reached new heights ... and, yet, Obama continues to point a finger at the Bush Administration and say, "It's his fault."
Sorry, Mr. Obama ... this one is yours. This is your legacy.
The Washington Examiner today refers to research by the Heritage Foundation whose Brian Riedl has run the numbers and it's not pretty. For starters:
The Office of Management and Budget has released its annual mid-session review that updates the budget projections from this past May.[1]Want more? Keep reading....
They show that this year, Washington will spend $30,958 per household, tax $17,576 per household, and borrow $13,392 per household. The federal government will increase spending 22 percent this year to a peacetime-record 26 percent of the gross domestic product (GDP). This spending is not just temporary: President Obama would permanently keep annual spending between $5,000 and $8,000 per household higher than it had been under President George W. Bush.[2]
Driven by this spending, America will run its first ever trillion-dollar budget deficit this year. Even worse, the President's budget would borrow an additional $9 trillion over the next decade, more than doubling the national debt. By 2019, America will be spending nearly $800 billion on net interest to service this large debt.[3]
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