President Obama’s proposed 2013 budget will forecast a $901 billion deficit for next year, falling far short of his goal to halve the deficit in four years.
The budget, an outline of which was released by the White House Friday night, will show a higher deficit this year than in 2011, up from $1.3 trillion to $1.33 trillion.
Of course, USA Today, being a reliably lefty mouthpiece, blames “George W. Bush’s tax cuts for the wealthy” for part of the budget shortfall, even going so far as to predict that under the President’s plan, “No household making more than $1 million a year would pay less than 30% in income taxes,” even though the CBO itself says tax hikes aren’t needed to cut the deficit.
More quick hits from the Obama budget:
Defense spending would be reduced by nearly $500 billion from what was planned in the budget Obama proposed a year ago.
That should please the Ron Paul supporters… once again, Paul is in perfect agreement with the statist Obama.
About $350 billion in new investments, most of them remaining from Obama’s American Jobs Act that was derailed in Congress, would be rejuvenated.
Maybe if you stopped spending so much, Barack, the deficit would be going down faster.
Earlier this week, the White House announced that its unemployment projections included in the budget — 8.9% in 2012 and 8.6% in 2013 — already are outdated.
Also outdated: the administration’s own prediction that with the stimulus, unemployment wouldn’t go over 8%. In fact, the PDF of the plan that I just linked even says:
As Figure 1 shows, even with the large prototypical package, the unemployment rate in 2010Q4 is predicted to be approximately 7.0%, which is well below the approximately 8.8% that would result in the absence of a plan.
This administration as a whole seems to be completely clueless about economics. They need to be shown the door in November.