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1 edit | reply to JammerMan79
Re: Go Figure»www.washingtonpost.com/wp-dyn/co···820.html
President Obama's ambitious plans to cut middle-class taxes, overhaul health care and expand access to college would require massive borrowing over the next decade, leaving the nation mired far deeper in debt than the White House previously estimated, congressional budget analysts said yesterday.
In the first independent analysis of Obama's budget proposal, the nonpartisan Congressional Budget Office concluded that Obama's policies would cause government spending to swell above historic levels even after costly programs to ease the recession and stabilize the nation's financial system have ended.
Tax collections, meanwhile, would lag well behind spending, producing huge annual budget deficits that would force the nation to borrow nearly $9.3 trillion over the next decade -- $2.3 trillion more than the president predicted when he unveiled his budget request just one month ago.
Although Obama would come close to meeting his goal of cutting in half the deficit he inherited by the end of his first term, the CBO predicts that deficits under his policies would exceed 4 percent of the overall economy over the next 10 years, a level White House budget director Peter R. Orszag yesterday acknowledged would "not be sustainable."
The result, according to the CBO, would be an ever-expanding national debt that would exceed 82 percent of the overall economy by 2019 -- double last year's level -- and threaten the nation's financial stability.
Let's extend the budget numbers out a bit:
Total Budget projected: 42.80 Trillion
# 2017 United States federal budget - $7.10 trillion (submitted 2016 by President Obama)
# 2016 United States federal budget - $6.60 trillion (submitted 2015 by President Obama)
# 2015 United States federal budget - $6.10 trillion (submitted 2014 by President Obama)
# 2014 United States federal budget - $5.60 trillion (submitted 2013 by President Obama)
# 2013 United States federal budget - $5.10 trillion (submitted 2012 by President Obama)
# 2012 United States federal budget - $4.60 trillion (submitted 2011 by President Obama)
# 2011 United States federal budget - $4.10 trillion (submitted 2010 by President Obama)
# 2010 United States federal budget - $3.60 trillion (submitted 2009 by President Obama)
Total budget: 20.37 Trillion
# 2009 United States federal budget - $3.10 trillion (submitted 2008 by President Bush)
# 2008 United States federal budget - $2.90 trillion (submitted 2007 by President Bush)
# 2007 United States federal budget - $2.77 trillion (submitted 2006 by President Bush)
# 2006 United States federal budget - $2.7 trillion (submitted 2005 by President Bush)
# 2005 United States federal budget - $2.4 trillion (submitted 2004 by President Bush)
# 2004 United States federal budget - $2.3 trillion (submitted 2003 by President Bush)
# 2003 United States federal budget - $2.2 trillion (submitted 2002 by President Bush)
# 2002 United States federal budget - $2.0 trillion (submitted 2001 by President Bush)
I'm using an even $500 billion increase per yeah, although the CBO projects upwards of $600 Billion
Now let's add in interest of ~ 9.5% and you are looking at a federal budget of $46.86 Trillion during the Obama years if he were to serve 2 terms. Perhaps I estimated wrong, let's say at least double.
(granted I am using projected numbers if things were to stay the same going forward)
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