April 17, 2014
Not only is President Obama’s proposed budget for 2015 a month late, but it’s also unrealistic, Heritage Foundation experts report. It’s more of the same tax-and-spend liberalism:
- Spending would go from $3.5 trillion in 2013 to nearly $6 trillion in 2024.
- Debt borrowed in credit markets (public debt) would grow from $12 trillion in 2013 to $19 trillion in 2024.
- The national debt, including debt owed to government agencies, would grow from $17.3 trillion today to $25 trillion in 2024.
- The President’s budget includes about $1 trillion in new spending, partly offset by other spending cuts, and about $1.2 trillion in tax increases.
Here’s more from the Heritage analysis:
- The budget’s defense cuts—some of the only real cuts the President proposes—would leave America less secure.
- The education budget would add more top-down rules tied to billions in new spending. And it continues to feed the college debt bubble.
- The budget requests $1 billion to prepare for future climate change damage.
- The budget continues to delay any serious entitlement reforms. It settles for minor changes at best to extend slightly the longevity of programs like Medicare and Social Security that are driving our deficits.
- The budget would expand the welfare state, spending more than $450,000 over the next decade on each poor and low-income household.
What are your thoughts on the President’s proposed budget?