The Obama-Democratic Budget

As the Democratic Majority moves to conference on the Obama budget for fiscal year 2010, it is important to review the unprecedented levels of spending and debt they are unleashing. Some key points:

• After signing a $787-billion “stimulus” bill, and an omnibus appropriation bursting with nearly 9,000 earmarks – increasing nondefense appropriations by 10 percent – the President calls for another 9-percent hike in nondefense discretionary for 2010.
• While acknowledging the looming entitlement crisis, the President’s budget increases entitlement spending by $1.4 trillion over the next decade.
• The President’s budget then chases all this spending with $1.5 trillion in tax increases over the next 10 years – including tax hikes on small businesses, investors, families, and workers.
• But even that doesn’t keep pace with his spending: the President’s budget doubles the debt in 5 years, and nearly triples the debt in 10 years. In response to spending and borrowing that are clearly out

Read the full report here.