The Budget: When President Obama released his first budget plan in 2009, he called it a “New Era of Responsibility.” What he produced was irresponsibility on a historic scale.
“Government has failed to fully confront the deep, systemic problems that year after year have only become a larger and larger drag on our economy,” Obama said in his inaugural budget plan, promising to make “the tough choices necessary to … put our nation on sound fiscal footing.”
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Seven years later, a new Congressional Budget Office report reveals that Obama will bequeath chronic and rising deficits, rapidly expanding debt, and exploding health care costs to his successors.
First, there’s the deficit, which the CBO says will top $1 trillion in six years, and continue climbing. Over the next decade, deficits will total more than $9 trillion. The CBO’s outlook has worsened significantly since its last forecast, mainly because it expects the economy to grow more slowly.
Debt held by the public will nearly double over the next decade, the CBO says, going from close to $14 trillion this year to $23.8 trillion in 2026. By that year, debt will equal more than 86% of the economy.
“Such high and rising debt would have serious negative consequences for the budget and the nation,” the report notes.Read the rest of this IBD editorial HERE.
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