Money to Burn: Tax and Spend and Borrow
February 2, 2015
President Obama’s new budget proposes $50.3 trillion in spending and collecting $44.7 trillion in taxes for 2016 through 2025. (I guess that means also adding $4.4 trillion in borrowing to cover the difference.) The White House estimates that yearly deficits will stay about the same.
However, the CBO estimates that under current law, spending would be $49.3 trillion and taxes $41.7 trillion for 2016 through 2025, with deficits building each year. This means the President wants to increase spending by $1 trillion, raise taxes by $3 trillion, still have big deficits, and continue to add trillions of dollars to the national debt. (Gee, it’s like the stimulus all over again.)