Research

Last week, we showed you that only in Obama’s Washington can a binge spending increase be called a “freeze.” Today, we want to show you that when Obama says “reining in the deficit” he really means “exploding the deficit.”

In his weekly address to the nation this past Saturday, President Obama noted that “it is critical that we rein in the budget deficits we’ve been accumulating for too long.” But our friends at the House Republican Budget Committee have a series of graphs showing that President Obama will be doing the exact opposite:

• Obama will own the three largest deficits in American history: $1.4 trillion in FY 2009, $1.6 trillion in FY 2010 and $1.3 trillion in FY 2011;
• Obama will more than double the national debt over the next decade;
• Obama will raise the national debt as a percentage of GDP from 50 percent today to nearly 80 percent by 2020.

For more on what Obama’s budget rhetoric and what it really means, click here to see our research briefing from yesterday afternoon ... more