Obama's Plan Adds $11 Trillion to Debt
2:44 PM, Aug 3, 2012 • By DANIEL HALPER
In a recent campaign television ad, President Barack Obama states, "I believe the only way to create an economy built to last is to strengthen the middle class. Asking the wealthy to pay a little more so we can pay down our debt in a balanced way." The last part--committing to pay down the national debt--is a promise Obama's reiterated throughout his presidency and campaign.
Yet, new analysis by the Republicans on the Senate Budget Committee contradicts the president's claim. According to the chart set to be released by the committee later today, the budget plan submitted to Congress by President Obama "would add $11 trillion" to the national debt:
The analysis is based off what the president submitted to Congress last week--"OMB Fiscal Year 2013 Mid-Session Review," according to the chart.
The president's proposal would increase spending and increase the national debt, Republicans maintain.
"President Obama and his administration have continued to claim that his plan contains '$4 trillion in deficit reduction' and would 'pay down our debt,' but the legally required budget update from OMB, submitted to Congress last week after a two-week delay, shows otherwise," the Republican-side of the Senate Budget Committee states. "Under President Obama’s plan, debt accumulation over the next decade would reach $10.6 trillion, with yearly deficits never dropping below $543 billion. What’s more, the president’s call for tax increases would not be used to reduce deficits, but rather to fund new spending."