Fact Sheet: The Obama-Democratic Budget

• Total Spending. Outlays total $3.555 trillion in fiscal year 2010. As a share of the economy, spending never falls below 22 percent of gross domestic product [GDP]. Even with the full costs of the war, Katrina, and Medicare prescription drug coverage, spending during the Bush administration averaged 19.9 percent of GDP – and never exceeded 21 percent of GDP.
• Tax Increases. Taxes increase by $1.5 trillion over 10 years. These include higher taxes on families, small businesses, and workers.
• Deficits. Red ink totals $1.233 trillion in 2010. The budget proposes record budget deficits in nominal dollars. Deficits never fall below $500 billion.
• Debt. Debt held by the public increases by nearly $2 trillion this year, and rises to more than two-thirds as a share of the economy by 2014. The European Union requires its member countries to keep debt below 60 percent of GDP.

Read the full report here.