Another Deficit Explosion... Obama's 2011 Budget
Last week, the Obama Administration released their $3.8 trillion dollar budget for fiscal year 2011. House Minority Leader John Boehner (R-OH) summed up the budget best, "It spends too much, it taxes too much, and it clearly borrows too much."
In the budget, federal spending will outgrow projected economic growth in 2011. The Obama Administration calls for $2 trillion in higher taxes over the next decade. Taxes are levied on business, upper income-earners, energy, and health care sectors. The death tax is also brought back in 2011. For more information on the specifics of the Obama budget, please click here.
Republican leadership has called on the President to adopt strict budget caps that would limit federal spending on an annual basis. These "caps" would be enforceable by the President. Caps were proposed last year in the alternative budget Republicans presented, but were not included in the Obama Administration's 2011 budget.
With this budget, Democrats have failed to demonstrate a departure from deficit exploding measures like the TARP funding and stimulus bills. House Majority Whip James Clyburn (D-SC) mentioned that the federal government has to "spend our way out of the recession." The budget serves as further evidence of the Democrat's misguided approach to revitalizing our economy and creating new jobs.
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