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Obama Budget: CBO Shows $1 Trillion Tax Hike, Fake Spending Cuts
Posted By Romina Boccia On May 17, 2013 @ 5:35 pm In Economics | Comments Disabled
The Congressional Budget Office’s (CBO) official score  of President Obama’s budget shows in numbers a vision for economic decline in America . The President imposes a tax increase totaling $1.1 trillion (and a net increase of about $1 trillion ), some components of which would directly hit middle-class and lower-income Americans.
On the spending side, the President would cancel sequestration and claims to offset the $1.1 trillion spending increase with equal spending reductions for a zero-spending effect. What this means in reality is that Americans would be left with a $1.1 trillion tax hike and $0 in additional spending reductions. This defines the President’s “balanced approach.”
But it gets even worse. The President’s largest budget savings are fake!
In the big picture, the CBO shows the President’s budget would do the following:
America’s budget is on a fiscal collision course that requires courageous leadership to pursue reforms  to those programs causing the greatest fiscal strain: entitlements. Instead, the President has decided to kick off his second-term with a budget that’s deeply partisan, and proposes a vision for economic decline.
More details on what’s in the President’s Budget:
Article printed from The Foundry: Conservative Policy News Blog from The Heritage Foundation: http://blog.heritage.org
URL to article: http://blog.heritage.org/2013/05/17/obama-budget-cbo-shows-1-trillion-tax-hike-fake-spending-cuts/
URLs in this post:
 official score: http://www.cbo.gov/publication/44173
 economic decline in America: http://www.heritage.org/research/reports/2013/05/president-obamas-2014-budget-a-second-term-vision-for-economic-decline
 and a net increase of about $1 trillion: http://www.heritage.org/research/reports/2013/05/net-tax-increase-in-obamas-budget-over-1-trillion
 Image: http://blog.heritage.org/wp-content/uploads/BL-obama-budget-all-taxes-not-cuts-6001.jpg
 phantom war savings: http://blog.heritage.org/2013/04/25/reid-suggests-exploiting-budget-gimmicks-for-sequestration/
 much of the funding: http://blog.heritage.org/2013/01/03/morning-bell-uproar-over-bloated-sandy-aid-package/
 most recent baseline: http://www.cbo.gov/publication/44172
 reforms: http://www.heritage.org/research/reports/2012/11/six-bipartisan-entitlement-reforms-to-solve-the-real-fiscal-crisis-only-presidential-leadership-is-needed
 Obama’s IRA Cap: A Cap on Defined-Contribution Retirement Savings Plans: http://www.heritage.org/research/reports/2013/05/obama-s-cap-on-defined-contribution-retirement-savings-plans
 Morning Bell: Obama’s Fake Budget Marketing Exposed: http://blog.heritage.org/2013/04/12/obama-budget-obamas-fake-budget-marketing-exposed/
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