Happy fat Tuesday and for President Obama it is a VERY fat (budget) Tuesday! Today the President proposed the federal spending budget and it’s a little out of control.
While many Americans are celebrating Fat Tuesday in anticipation of the season of Lent that begins tomorrow, the President has dropped a brand new “fat” budget proposal for fiscal year 2015.
Heritage Foundation experts have begun digging into the proposal, and they’re documenting the increases in federal involvement and spending. Not only would Obama’s budget add $55 billion in reported additional spending in 2015, it also includes about $1.2 trillion in tax increases.
According to the Heritage Foundation’s research experts, if Obama’s budget were to pass, the long term effects would be:
- Spending would go from $3.5 trillion in 2013 to nearly $6 trillion in 2024.
- Debt borrowed in credit markets (public debt) would grow from $12 trillion in 2013 to $19 trillion in 2024.
- The national debt, including debt owed to government agencies would grow from $17.3 trillion today to $25 trillion in 2024.
Where does this money come from? How does he sleep at night knowing the country is being propelled further and further into debt?