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Obama’s Budget By The Numbers

- February 13, 2012

Debt Problem? What Debt Problem?

OBAMA’S FY2013 BUDGET KEEPS ON SPENDING RIGHT PAST THE FISCAL GRAVEYARD AWAITING AMERICA

$47.0 Trillion:  

Total Federal Spending Proposed By Obama’s FY2013 Budget Through 2022. (OMB, 2/13/12)

$25.9 Trillion:  

Total Federal Debt By The End Of 2022. (OMB, 2/13/12)

$16.351 Trillion:  

Total Federal Debt By The End Of This Year.(OMB, 2/13/12)

$10.6 Trillion:  

Added To The National Debt By The End Of 2022.(OMB, 2/13/12)

$6.7 Trillion:  

Total Cumulative Deficits Over FY2013-2022.(OMB, 2/13/12)

$5.7 Trillion:  

Total Interest Payments On National Debt FY2013-2022.  (OMB, 2/13/12)

$5.7 Trillion:  

Amount Of Debt Obama Will Add By The End Of This Year Under His Budget, More Than Any Other President. (OMB, 2/13/12)

$3.8 Trillion:  

Total Outlays For FY2013. (OMB, 2/13/12)

$1.9 Trillion:  

Higher Taxes In Obama’s Budget. (OMB, 2/13/12)

$1.1 Trillion:  

Increase In Debt Held By The Public In FY2021 Compared To Obama’s September Deficit Reduction Proposal. (OMB, 2/13/12; OMB 9/19/11)

$354 Billion:  

New Stimulus Spending In Obama’s Budget.(OMB, 2/13/12)

106.2%:  

Total Federal Debt As Share Of GDP At End Of 2013. (OMB, 2/13/12)

76.5%:  

Debt Held By The Public Share Of GDP By 2022.(OMB, 2/13/12)

24.3%:  

Outlays As A Share Of GDP In FY2012. (OMB, 2/13/12)

8.5%:  

FY2012 Budget Deficit As A Share Of GDP. (OMB, 2/13/12)

4:  

Straight Years Of Trillion Deficits Under Obama.(OMB, 2/13/12)

0:  

Budget Scores For The “Buffett Rule” That Obama Wants To Make A Central Theme Of His Campaign. (OMB, 2/13/12)

“This Budget Has $1.9 Trillion In Tax Increases/Revenue Raisers And It Still A) Adds $6.7 Trillion In New Debt From 2013 To 2022, And B) Has Debt As A Share Of GDP Rising From 74.2 Percent This Year To 76.5 Percent In 2022. Wow.” (Jim Pethokoukis, “First Thoughts On The New Obama Budget,” The American’s “The Enterprise,” 2/13/12)

  • Only 16 Percent Of Obama’s $707 Billion In Net Deficit Reduction Proposals Is Spending Cuts. “Let’s look at just what is skedded to happen between now the end of a second Obama term. Obama proposes $707 billion in ‘net deficit reduction proposals.’ Of that amount, only 16 percent is spending cuts.” (Jim Pethokoukis, “First Thoughts On The New Obama Budget,” The American’s “The Enterprise,” 2/13/12)

Obama’s Budget Imposes $156 Billion In Government Fees. “Obama’s plan would impose $156 billion in new or expanded government fees including higher Medicare premiums for wealthier beneficiaries beginning in 2017. It would also increase the terrorism-security fee charged to airline passengers as well as the premiums paid by companies for federal pension insurance, among other changes.”  (Roger Runningen and Brian Faler, “Obama Sends $3.8T Budget To Congress,” Bloomberg, 2/13/12)

“The President’s Outlook For Debt Reduction Has Deteriorated Markedly Since September.” “The president’s outlook for debt reduction has deteriorated markedly since September, when Obama told Congress that his proposals would hold annual deficits well under $600 billion after next year and permit the debt held by outside investors to rise to $17.7 trillion by 2021, or 73 percent of the overall economy.” (Lori Montgomery, “Obama Budget: National Debt Will Be $1 Trillion Higher In A Decade Than Previously Forecast,” The Washington Post, 2/13/12)

  • Obama Budget: Debt Will Be “A Full $1 Trillion Higher” Than Predicted.  “The new 10-year blueprint shows annual deficits exceeding $600 billion every year except 2018. And the portion of the debt held by outside investors would grow to $18.7 trillion by 2021, or 76.5 percent of the economy — a full $1 trillion higher.” (Lori Montgomery, “Obama Budget: National Debt Will Be $1 Trillion Higher In A Decade Than Previously Forecast,” The Washington Post, 2/13/12)

The Budget “Never Spells Out Obama’s Much-Talked-About ‘Buffett Rule.’” “In the case of taxes, the budget never spells out Obama’s much-talked-about ‘Buffett rule’—-that all of the most wealthy must pay an effective tax rate of at least 30 percent.” (David Rogers, “Obama Rolls Out $3.8 Trillion Budget,” Politico, 2/13/12)

“The Budget Over All Captures Mr. Obama’s Effort To Define The 2012 Election Not As A Referendum On His Record, Which Puts Him On The Defensive.” “The budget over all captures Mr. Obama’s effort to define the 2012 election not as a referendum on his record, which puts him on the defensive if unemployment does not continue to come down, but as a choice between his priorities and those of Republicans, who reject any higher taxes and want to sharply reduce the size of government and remake its most popular programs, Medicare and Medicaid.” (Jackie Calmes, “Obama Budget Raises Taxes On The Rich To Spend On Jobs,” The New York Times, 2/13/12)

  • Obama’s Budget Includes “More Partisan Asides Than Past Budgets.” “Reflecting Mr. Obama’s more confrontational approach toward Republicans generally in an election year, after three years of their obstruction, the budget text that accompanied the nitty-gritty spending and revenue details included more partisan asides than past budgets.” (Jackie Calmes, “Obama Budget Raises Taxes On The Rich To Spend On Jobs,” The New York Times, 2/13/12)

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