Post by jgaffney on Mar 25, 2011 12:43:23 GMT -5
Rep. Paul Ryan (R-WI) explains why the President's budget is not only a farce but specifically ignores the recommendations of the President's own Fiscal Commission:
Specific aspects of the 2012 Administration budget, which were particularly galling to Ryan, were the plans to spend $3.7 trillion or 24.3 percent of GDP, the highest since World War II, and $46.2 trillion over the decade. It would also increase taxes on, well, everyone, by $1.5 trillion. Federal taxes, alone, will reach almost 20 percent of GDP in 2021.
The resulting $1.2 trillion deficit in fiscal year 2012 -- the fourth straight record deficit exceeding a trillion dollars -- is followed by a doubling of the national debt by 2016 compared to the President's first year in office. The debt then triples by 2021!
Basically, CBO is saying that the Obama Administration has underestimated federal deficits by $2 trillion over the upcoming decade, as reported by the Associated Press.
I really like Mr. Ryan. He reminds me of John Kasich, when Newt Gingrich made him the GOP Budget Chairman. It was Kasich who brought Clinton to the religion of the balanced budget, a position that Clinto and his liberal fans later took credit for. We will see if Ryan and Boehner can make a similar change in President Obama.
Specific aspects of the 2012 Administration budget, which were particularly galling to Ryan, were the plans to spend $3.7 trillion or 24.3 percent of GDP, the highest since World War II, and $46.2 trillion over the decade. It would also increase taxes on, well, everyone, by $1.5 trillion. Federal taxes, alone, will reach almost 20 percent of GDP in 2021.
The resulting $1.2 trillion deficit in fiscal year 2012 -- the fourth straight record deficit exceeding a trillion dollars -- is followed by a doubling of the national debt by 2016 compared to the President's first year in office. The debt then triples by 2021!
Basically, CBO is saying that the Obama Administration has underestimated federal deficits by $2 trillion over the upcoming decade, as reported by the Associated Press.
I really like Mr. Ryan. He reminds me of John Kasich, when Newt Gingrich made him the GOP Budget Chairman. It was Kasich who brought Clinton to the religion of the balanced budget, a position that Clinto and his liberal fans later took credit for. We will see if Ryan and Boehner can make a similar change in President Obama.