I dont even know what to say.
What. A. Disaster.
WASHINGTON - President Barack Obama unveiled a multi-trillion-dollar spending plan Thursday that would boost taxes on the wealthy, curtail Medicare, lay the groundwork for universal health care and leave a string of deficits dwarfing any in the nation's history.
In addition to sending Congress his $3.55 trillion budget plan for 2010, Obama proposed more immediate changes that would push spending to $3.94 trillion in the current year.
That would result in a record deficit the president projects will hit $1.75 trillion, reflecting the massive spending being undertaken to battle a severe recession and the worst financial crisis in seven decades
The new deficit total is roughly equivalent to $12,000 for every taxpayer in the United States, or approximately $6,000 for every man, woman and child in America.
The cost of the stimulus bill and the increased bailout support would push the deficit for this year to $1.75 trillion, nearly four times last year's record $455 billion and a percentage of the economy — just over 12 percent — not seen since World War II.
Reserve fund for health care
Obama's plan proposes to build up a $634 billion reserve fund he would use to expand health care coverage to some of the 48 million currently uninsured Americans currently. The fund would represent little more than half the money projected to be needed to extend health insurance to all Americans.
The plan also contains a contentious proposal to raise hundreds of billions of dollars by auctioning off permits to exceed carbon emissions caps, which Obama wants to impose on users of fossil to address global warming.>>
The $1.75 trillion deficit projected for this year would represent 12.3 percent of the gross domestic product, double the previous post-war record of 6 percent in 1983,
Obama's blueprint awards domestic agencies budget increases, on average, of 7 percent in 2010 over 2009 levels. The Pentagon would get a 4 percent boost, to $534 billion next year, but would then get increases of 2 percent or less over the next several years.
So, universal socialized health care that we'll be stuck with forever and will cost us trillions, deficits 4 times as large as under Bush, emmissions caps that will help destroy the economy further and act as basically just another tax increase (Now we know why Democrats are so in love with global warming mythology), spending "cuts" that the article states have never been achieved by past presidents so probably wont happen anway, more tax increases, oh, and average 7% budget increases for federal agencies. Good to see that at a time when Americans are tightening their belts, the government can raise spending even more than usual.
In summary, what a boondoggle..
All this is on top of the 750 billion "stimulus" package and this
WASHINGTON (AP) -- House Democrats unveiled a $410 billion spending bill on Monday to keep the government running through the end of the fiscal year, setting up the second political struggle over federal funds in less than a month with Republicans.
The measure includes thousands of earmarks, the pet projects favored by lawmakers but often criticized by the public in opinion polls. There was no official total of the bill's earmarks, which accounted for at least $3.8 billion.
The legislation, which includes an increase of roughly 8 percent over spending in the last fiscal year, is expected to clear the House later in the week.
Democrats defended the spending increases, saying they were needed to make up for cuts enacted in recent years or proposed a year ago by then-President George W. Bush in health, education, energy and other programs.
The term "spending money like drunken sailors" doesnt even begin to describe the new Democrat administration.
But let me guess, according to Cahill, this is all the Republicans fault.