Obama’s Predictable Budget: More Spending, Taxes
President Obama tells us in the Overview to his Fiscal Year 2014 Budget just released last week that his budget proposes, “more than $2 in spending cuts for every $1 of new revenue from closing tax loopholes and reducing tax benefits for the wealthiest.”
But President Obama’s budget does not propose any spending cuts at all on net, not even reductions from expected increases in spending. Instead, his budget proposes to add $160 billion in increased spending just next year to the projected growth in spending, even increasing spending for the current 2013 fiscal year by another $61 billion as well. Over the next 10 years, President Obama’s budget proposes to add nearly $1 trillion to the projected growth in spending, proposing to increase annual spending by 2023 by $2.1 trillion as compared to 2012.