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February 01, 2010

Obama Unveils $3.8 Trillion Budget with Record Deficits

Posted in: Barack Obama,Economy,Government,Politics,Socialism,Tax & Spend Liberals

There you have it American … Barack Obama’s $3.8 Trillion budget. Obama will propose on Monday a $3.8 trillion budget for fiscal 2011 that projects the deficit will shoot up to a record $1.6 trillion this year.

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3.8 Trillion Dollars!!!

President Obama sent Congress on Monday a record $3.8 trillion budget for 2011 that would boost war spending, trim domestic spending and rely on $1.3 trillion in new borrowing.

The budget would be the third in a row with a deficit of more than $1 trillion. The red ink would be cut nearly in half by 2014, mostly by allowing tax cuts on families making more than $250,000 to expire in 2011.

The Obama Administration claims that to put people back to work, Obama proposes to spend about $100 billion immediately on a jobs bill that would include tax cuts for small businesses, social-safety-net programs, and aid to state and local governments. Didn’t we already have a $787 billion Stimulus¬† package that did not do the job and of which all the $’s were not spent? Another Stimulus plan, do we call it Son of Stimulus?

The US Government is spending way more much money that it is taking in. American families are asked to budget and go without, why isn’t the US government doing the same?

UPDATE I: Republicans on Monday slammed President Obama’s $3.8 trillion budget as a fiscally irresponsible spending spree

UPDATE II: Debt deluge: Here comes the $1.6 trillion flood of red ink

Good grief, this will burden individuals for generations to come. Obama has the audacity to blame this on Bush? Hardly.


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