|Key Facts: The President's FY 2016 Budget
• Despite $2.1 trillion in new tax increases, President Obama’s budget never balances—ever.
• Major proposed tax increases include higher levies on savings and investment, small businesses, and increases in the costs of hiring workers.
• These tax hikes would stunt the economic growth needed to get Americans back to work, and come on top of $1.7 trillion in tax hikes already imposed by this Administration.
• The President’s budget increases annually-appropriated spending for next year by $74 billion relative to current law. Over 5 years, he would increase such spending by $322 billion.
• Next year alone, the President’s budget would grow total federal spending by $259 billion, or 7 percent.
• Total spending will increase by 65 percent ($2.4 trillion) in 10 years under the President’s plan.
Interest Costs Skyrocket
• President Obama’s plan more than triples interest costs, which remain the fastest growing item in the budget.
• Interest on the debt this year would be $229 billion, but would rise to $785 billion in 2025 under his plan.
• At the end of President’s plan, annual interest costs would be larger than his proposed spending for national defense, Medicaid or the combined total of all non-defense agency spending.
• Since 2009, we’ve added $7.5 trillion to the debt and spent $21.1 trillion.
• The President’s budget plan would add $8.5 trillion to the debt.
• Cumulative deficits would amount to $5.7 trillion, and gross debt would climb to $26.3 trillion in 2025.