Presidential Lies: To Your Face
As you listen to the president's weekly address, remember that the budget he offered up in February didn't reduce the national debt, it increased it - dramatically.
If the federal budget released by President Barack Obama today is implemented, it will double the national debt over the next 10 years. The current national debt is $13.56 trillion (end of FY 2010). By the end of 2021, that debt would rise to $26.3 trillion under the White House budget.
The Congressional Budget Office’s (CBO) Preliminary Analysis of the President’s FY 2012 Budget released on Friday is further indication that the nation continues to face serious long-term fiscal challenges.
Under the President’s proposed budget, CBO estimates that by 2021: Federal debt will climb to 87 percent of gross domestic product (GDP). Interest costs will consume more than one-fifth of total revenues. Tax cuts and resulting interest costs fully explain the projected increase in debt.
The deception is stunning.