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.