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Obama's Budget By The Numbers

- March 5, 2014

Obama Claims He Built His Budget For Future Generations, But It's A Future Mired In New Debt, New Spending, And Higher Taxes

 

$48.7 Trillion:

Total Federal Spending Proposed By Obama's FY2015 Budget Through FY2024. (OMB, 3/4/14)

$25 Trillion:

Projected Federal Debt In 2024 Due To Spending In Obama's New Budget. (OMB, 3/4/14)

$19.5 Trillion:

Projected Federal Debt At The End Of Obama's Second Term Under His FY2015 Budget. (OMB, 3/4/14)

$7.5 Trillion:

Amount Obama's FY2015 Budget Would Add To The Debt Through FY2024. (OMB, 3/4/14)

$6.8 Trillion:

Amount Of Debt Obama Has Added To The Federal Debt Since Becoming President. (U.S. Treasury Department, Accessed 2/28/14)

$5.6 Trillion:

Amount Needed To Service The Debt Through FY2024, According To Obama's FY2015 Budget. (OMB, 3/4/14)

$4.9 Trillion:

Cumulative Deficits Over FY 2015-2024. (OMB, 3/4/14)

$2.4 Trillion:

Total Deficits For Obama's Second Term Under His Proposed FY2015 Budget. (OMB, 3/4/14)

$1.8 Trillion:

Amount Of New Tax Revenue Under Obama's FY2015 Budget. (OMB, 3/4/14)

$1.0 Trillion:

The Cost To Service The Federal Debt In Obama's Second Term Under His FY2015 Budget. (OMB, 3/4/14)

$812 Billion:

Amount Obama's Budget Projects The Nation Will Be Paying For One Year's Interest Payments In FY2024. (OMB, 3/4/14)

$791 Billion:

Amount Of Increased Spending Over 10 Years Contained In Obama's FY2015 Budget. ( Senate And House Budget Committee Republican Analysis , 3/4/14)

2017:

Year The Debt Will Exceed $20 Trillion Due To Obama's Proposed Spending. (OMB, 3/4/14)

2017:

The Year Obama's FY2015 Budget Projects Unemployment Will Finally Decline Beneath 6%. (OMB, 3/4/14)

2012:

The Year Obama's Economic Advisers Originally Projected Unemployment Would Decline Beneath 6%. ( The Job Impact Of The American Recovery And Reinvestment Plan , 1/9/09)

74%:

Public Debt As A Percentage Of GDP In Obama's Last Year Of Office Under His FY2015 Budget. (OMB, 3/4/14)

63:

Days Past The Legal Deadline Obama Submitted His FY2014 Budget. (31 U.S.C. § 1105, (a), p. 105)

29:

Days Past The Legal Deadline Obama Submitted His FY2015 Budget. (31 U.S.C. § 1105, (a), p. 105)

1:

Number Of Budgets Obama Has Actually Delivered By The Legal Deadline. (The Hill, 1/23/14)

0:

Attempts To Balance The Budget. (OMB, 3/4/14)

INSTEAD OF ADDRESSING THE LOOMING DEBT, OBAMA'S BUDGET IS A POLITICAL DOCUMENT AND NOT A POLICY FOR FUTURE GENERATIONS

CLAIM: Today, Obama Hailed His Budget Proposal As One That Was "Designed" With The "Future Generations In Mind." OBAMA: "These kids may not be the most excited people in town on budget day, but it is designed with their generation and future generations in mind." (President Barack Obama, Remarks By The President Announcing The FY2015 Budget , Washington, D.C., 3/4/14)

REALITY: Obama's Budget Serves As "A Democratic Party Manifesto," For The Upcoming Midterm Elections. "But the annual ritual highlights his policy priorities for the coming year and serves as a Democratic Party manifesto as Democrats seek to draw a contrast with Republicans ahead of congressional elections in November." ("Details Of U.S. President Obama's Fiscal Year 2015 Budget," Reuters, 3/4/14)

  • Obama's Budget "Objective Is Political Rather Than Legislative." "The objective is political rather than legislative - a book-length compendium of proposals meant to give Democratic congressional candidates a campaign platform at a time when economic disparity is a major concern for millions trying to dig out from the worst recession in decades." ("Analysis: Obama Budget Tries To Have It Both Ways," The Washington Post , 3/4/14)

THE BUDGET HAS ALREADY BEEN DISMISSED AS PURELY POLITICAL

Slate Headline: "President Obama's Budget Proposal Is Back T o Being A Liberal Wish List" (Josh Voorhees, "President Obama's Budget Proposal Is Back To Being A Liberal Wish List," Slate , 3/4/14)

Obama's Budget Handed Democrats A "Playbook For Their Election-Year Themes." "President Barack Obama sent Congress a $3.9 trillion budget Tuesday that would funnel money into road building, education and other economy-bolstering programs, handing Democrats a playbook for their election-year themes of creating jobs and narrowing the income gap between rich and poor." (Alan Fram, "Obama 2015 Budget Focuses On Boosting Economy," The Associated Press , 3/4/14)

  • "The Budget Is Chock-Full Of Populist Ideas Intended To Motivate The Democratic Base And Provide A Policy Blueprint For Democratic Candidates Going Into November." (Christopher Ingraham, "Seven Things You Absolutely Need To Know About Obama's Budget," The Washington Post , 3/4/14)

Obama's Budget Request "Reflects Democratic Ideals" Of "Increased Spending" And Increased Taxes. "President Obama on Tuesday sent Congress an election-year budget request that reflects Democratic ideals, emphasizing increased spending on domestic initiatives for education, public works and research paid for by ending tax breaks for the wealthy and some corporations, rather than continued budget-cutting." (Jackie Calmes, "An Obama Budget Big On Ideals, But With Small Chance Of Passage," The New York Times , 3/4/14)

"Gone Are The Concessions The President Proposed To Republicans Last Year, As His Second Term Began, To Reduce Future Social Security Payments To Arrest The Projected Growth Of Federal Debt." (Jackie Calmes, "An Obama Budget Big On Ideals, But With Small Chance Of Passage," The New York Times , 3/4/14)

  • "Democrats All But Demanded That He Do So, Fearful That Compromises On Social Security Would Further Demoralize The Liberal Base When The Party Needs High Turnout To Withstand Big Losses In November." (Jackie Calmes, "An Obama Budget Big On Ideals, But With Small Chance Of Passage," The New York Times , 3/4/14)

And No One Actually Expects Obama's Budget To Pass

The Washington Post Headline: "Why The Obama Budget Is Already Dead." (Ed O'Keefe, "Why The Obama Budget Is Already Dead," The Washington Post, 3/4/14)

Obama's Budget Blueprint "Has Almost No Chance Of Passage In Congress." "The proposal has almost no chance of passage in Congress, where Republicans control the House of Representatives, but it lays out Obama's policy priorities ahead of November congressional elections." (Jeff Mason, Mark Felsenthal and David Lawder, "Obama Budget Sets Up Election-Year Clash With Republicans," Reuters, 3/4/14)

  • Senate Democrats Acknowledge That Obama's Budget Proposal "Is Little More Than An Academic Exercise." "Senate Democrats are offering an awkward embrace of President Obama's fiscal 2015 budget, casting it as a "blueprint" for future spending habits, with the knowledge that the administration's plan is little more than an academic exercise." (Michael Catalini and Billy House, "Senate Democrats Like Obama's Budget-But Not Enough To Act On It," National Journal , 3/4/14)

"President Barack Obama's Budget Isn't Going Anywhere On Capitol Hill." (Darren Samuelsohn, "5 Takeaways From President Obama's Budget," Politico, 3/4/14)

"Very Little Of The Proposal Is Expected To Become Law, Let Alone Even Seriously Be Considered In Congress." (Josh Voorhees, "President Obama's Budget Proposal Is Back To Being A Liberal Wish List," Slate , 3/4/14)


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