The federal government began the 2013 budget year with a $120 billion dollar deficit, an indication that the nation is on a path to its fifth straight $1 trillion-plus deficit year. The gap between the government’s revenue and its spending was 22% higher than the same month last year.
President Obama’s only plan is raise taxes on the rich which will give us $68 billion, enough to pay the interest on our debt for a week. There aren’t enough rich people to pay off the deficit, Obama will have to raise everyone’s taxes if he won’t agree to stop spending 40% more than we take in. He is not open to significant cuts. Republicans want cuts to a growth in spending.
Obama is now demanding a $1.6 trillion tax increase on the rich and corporations which will eventually fall on us, the middle class.
In preparation for his meeting with Republicans, he has met with Progressive leaders, union bosses and big corporation CEO’s. The meetings are a sign that he will not work with Republicans and will continue his crony socialism.
As we head for the fiscal cliff, Obama is on the road to the fifth straight year of trillion dollar plus deficit spending.
If the economy goes over the fiscal cliff, this year’s deficit would shrink to $641 billion, according to the Congressional Budget Office. But the CBO also warns that the economy would sink into recession in the first half of 2013.
If the White House and Congress can reach a budget deal that extends the tax cuts and avoids the spending cuts, the deficit will end up roughly $1 trillion for the budget year, the CBO says.
Obama blames Bush and will undoubtedly blame him in 2016. There is never a detailed explanation as to why this spending is still necessary. It is true that Obama inherited a bad economy but he has made it far worse with lavish, wasteful spending and enormous increases in entitlements programs.
We have become a welfare nation and President Obama has earned the title of Food Stamp President, increasing both to unheard of proportions.
Read more at CNBC