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.

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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.)

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Senator Tom Coburn’s most recent documentation of government waste is now available. Some highlights below. The full Wastebook here.

(I think I need to take the Laughing Class. All this wasted tax money makes me sad.)

The Obama stimulus program designed to jump start new car sales in 2009 not only failed to do so, it hurt the economy. A study by Texas A & M shows that “The Car Allowance Rebate System” (costing $3 billion of federal tax dollars) resulted in $3 billion in lost industry revenues, as new car sales went DOWN. Read the study report here.

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The IRS reported at a recent House Oversight Committee meeting that for the last 5 years, federal agencies have made payment mistakes totaling more than $100 billion for each of those years. Details here.

Governor Kitzhaber - Oregon

Four state healthcare exchanges have failed and are no longer operational: Oregon, Nevada, Massachusetts and Maryland. Together the states received $744.9 Million in federal funds, most of which has been spent and will most likely not be recovered. (Oregon is facing a grand jury investigation into its disastrous launch of “Cover Oregon” as its governor, a leading proponent of the state exchange, is running for re-election.) More detail here.