Budget Forecast: Spend, Spend, Spend
President Obama today announced a new proposed budget that includes $600 billion in federal spending.
The proposal relies on collecting another $1 trillion in new taxes from productive Americans and businesses to offset the alternative means of funding the project, borrowing overseas.
Obama’s plan is chock full of usual liberal fare, including creating universal preschool education, expanding climate research, and adding new tax credits for America’s poor.
According to Speaker of the House John Boehner (R-Ohio), “After years of fiscal and economic mismanagement, the president has offered perhaps his most irresponsible budget yet.”
“Spending too much, borrowing too much, and taxing too much, it would hurt our economy and cost jobs.”
Simply put, this is little more than partisan political maneuvering designed to set the stage for the midterm congressional elections. The projects in the proposal will not be approved by the Republican controlled House, setting up the President to once again claim to be a victim of right-wing obstinacy.
Partisan bickering isn’t going to distract the people from what’s going on in the rest of the world, Mr. President.