Not satisfied with the mounting debt already accumulated this year, the Democratic Majority has adopted the President’s plan for huge increases in spending, taxes, deficits, and debt. The conference report on the budget resolution exploits the current economic crisis to advance a sweeping expansion of government, and muscle through a government takeover of health care and student loans.
These outlays are financed with an accelerating flow of red ink: the budget deficits Democrats admit to never dip below $523 billion – well above the previous record deficit of $459 billion – and that figure substantially understates the real deficit impact, as described below. The budget spends too much, taxes too much, and borrows too much; it is a perfect formula for economic and fiscal decline, and is being pushed through just to meet an arbitrary, public relations deadline: the first 100 days of the Obama administration.
Read the full report here.