Taxpayers Cover Deficit Progress
In arguing for bigger government, including the national health insurance takeover, President Barack Obama is being more than a little dishonest. He insists he is reducing the spending deficit – but he is not. He maintains the debt ceiling is not a license for more deficits – but it is.
Take a look at what Obama says – and the truth about his comments:
Obama brags the spending deficit is only about half what it was when he took office. That is not because of any fiscal discipline in Washington.
When Obama became president, the deficit was about $1.4 trillion a year. During the coming year it is expected to be about $700 billion.
But when Obama took office, the government was receiving only about $2.1 trillion a year. Receipts for fiscal 2014 are expected to top $3 trillion.
In other words, any deficit reduction progress has been because Americans are paying far higher taxes. Federal spending will be about $740 billion a year higher than when Obama entered the White House.
As far as the debt ceiling, presidents and congresses have never failed to use up all the borrowing authority they have. The national debt when Obama became president was $10.6 trillion. It is now nearly $17 trillion.
No wonder some Americans think a “government shutdown” would be a good idea.