Same old thing: Tax and Spend
The WasteWatcher
We were provided a joint analysis of President Obama’s budget by the House and Senate Republican Budget Committees. Here is all you need to know about President Obama’s budget proposal that was released yesteday.
- It is over two months late.
- It never balances the budget.
- It spends $154 billion more in 2014.
- Provides for additional spending in FY 2013 of $61 billion.
- Total spending over the next ten years is $46.5 trillion.
- In 2023, the deficit is $439 billion, interest on the debt is $763 billion, and total debt is $25.4 trillion.
- Raises new tax revenue by $1.1 trillion, above the $1 trillion in taxes found in Obamacare and the $600 billion in taxes raised earlier this year.
- Each household in the US sees their responsibility for the debt increase to $60,980.
So you understand how much $1 trillion is, think of it this way. If I was to give you a dollar every second, how long would it take before you had $1 trillion? Give up? 32,000 years. Keep in mind, this is just $1 trillion, our nation's debt is far greater.