May 17, 2013
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!
- $601 billion in fake war savings. The President employs an old budget gimmick, claiming savings from a troop drawdown in Afghanistan and related spending on overseas contingency operations. These are only phantom war savings, as it would save money Congress did not intend to spend in the first place.
Continue reading at Obama Budget: CBO Shows $1 Trillion Tax Hike, Fake Spending Cuts.