According to reports President Obama’s nearly 2 month late Budget is nothing near balanced. In fact, it will include $800 Billion in Tax Hikes and $7.3 Trillion in New Debt.
The budget will be released next week “The figures regarding the President’s plan are based on numbers reported in the media today, the table posted on the White House (WH) website, and information regarding Senator Murray’s budget resolution,” says the minority side of Senate Budget Committee.
“Senator Murray, in touting her budget, talks about $4 trillion in deficit reduction, but that figure uses baseline gimmicks to exclude the cost of turning off the sequester, and the assumptions that the annual doc fix and continuing the 2009 stimulus does not need to be paid for. The $1.3 trillion cost for those items are CBO estimates included in the Murray budget. Because the media also reports that the president plans to cancel the sequester, it is reasonable to conclude that the President will have the same costs buried in his baseline as well since Obama also talks about $4 trillion in deficit reduction.