Obama's Budget Increases Spending 63 Percent, Increases Debt By $8.3 Trillion
11:30 AM, Mar 4, 2014 • By DANIEL HALPER
President Obama unveils his budget today. And the numbers aren't likely to satisfy fiscal conservatives and budget hawks, who might have been hoping for a budget that decreases spending and lowers the debt.
According to analysis by the Senate Budget Committee Republican staff, working for Ranking Member Jeff Sessions of Alabama, over the next decade President Obama's proposed budget increases spending by 63 percent and increases debt by $8.3 trillion.
Here are a couple charts from the minority side of the Senate Budget Committee showing the numbers:
"When President Obama took office on January 20, 2009, the gross federal debt stood at $10.6 trillion. At the end of fiscal year 2013, the debt had climbed to $16.7 trillion—an increase of 57 percent. His FY 2015 budget, which proposes changes to the current year in addition to policy recommendations for the coming decade, would surge the debt to $25 trillion," the Senate Budget Committee Republican staff say in a statement explaining their charts.
"The President's budget calls for a total 10-year spending increase of 63 percent from today’s levels (from an annual budget of $3.6 trillion today to $5.9 trillion in 2024). The President also proposes to bust the Ryan-Murray spending caps—which he just signed into law two months ago—including $56 billion above the discretionary levels established by those statutory caps in FY 2015, and by $791 billion over the budget window."
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