CBO: Obama Budget Adds $5.2 Trillion To Deficit, $1 Trillion In New Taxes

CBO: Obama Budget Adds $5.2 Trillion To Deficit, $1 Trillion In New Taxes – Big Government

The Congressional Budget Office (CBO) says President Barack Obama’s 2014 budget would add $5.2 trillion in deficits over the next ten years and contains nearly $1 trillion in new taxes.

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The Obama budget, which was delivered two months after the legally-required deadline, is larded with accounting gimmicks that count as savings war and disaster contingency funds that were never going to be spent. Obama’s budget also assumes sequester-related cuts will all be restored.

But Obama claims his budget is devoid of budgeting tricks.

“The numbers work,” says Obama. “There’s not a lot of smoke and mirrors in here.”

Congressional Republicans are not buying it.

“This new [CBO] report shows that the President’s budget doesn’t come close to solving the problem,” said House Budget Committee Chairman Paul Ryan (R-WI). “The federal government will take in a record haul over the next ten years. And the President wants yet another massive tax hike. But under his plan, we’ll keep adding to the debt – at an alarming rate.”

House Minority Whip Steny Hoyer (D-MD) defending the Obama budget and said the plan offers taxpayers a “big and balanced approach.”

“This is an important validation of the President’s and Democrats’ efforts to restore fiscal discipline through a big and balanced approach while maintaining our ability to invest in a competitive economy and a growing middle class,” said Hoyer.

Obama’s past budgets have resulted in politically embarrassing defeats. In 2011 and 2012, the Senate Democrats and Republicans unanimously rejected Obama’s proposed budgets.

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