Friday Obama dump … “Me demand more taxes” [Darleen Click]
President Obama’s most recent budget request would reduce borrowing by $1.1 trillion over the next decade compared with current law — almost entirely through higher taxes on the rich, large estates and smokers, congressional budget analysts said Friday.
In addition to raising nearly $1 trillion in new taxes, the president’s blueprint would also cut spending modestly, according to the analysis by the nonpartisan Congressional Budget Office.
However, those savings include money the government never intended to spend anyway, such as a contingency fund for the wars in Iraq and Afghanistan and nearly $300 billion in unneeded disaster relief. [...]
On Friday, Democrats ignored the messy details and focused on the report’s bottom line: Obama’s budget request would cancel harsh automatic cuts to agency budgets known as the sequester while shrinking the national debt even more than White House projections, pushing it below 70 percent of the economy by 2023. [...]
Republicans, meanwhile, noted that the president’s budget proposes significant new tax hikes on top of the increases that took effect in January, while never approaching balance.
“This new report shows that the President’s budget doesn’t come close to solving the problem,” House Budget Committee Chairman Paul Ryan (R-Wis.) said in a written statement. “The federal government will take in a record haul over the next ten years. And the President wants yet another massive tax hike…. The government is taking more from hardworking taxpayers only to spend more in Washington.”
Tags: budget, cbo, friday news dump, obama, tax the rich