President Obama’s national debt busting first budget projects a $1.75 trillion deficit so Obama can spend nearly $4 trillion in fiscal year 2010 and “creates space” for another $750 billion bank bailout.
The White House will formally release Obama’s budget boondoggle overview at 11:00 a.m., but at FoxNews, Major Garrett provides a preview:
Senior administration officials would not disclose a precise figure for the entire budget, but said it would likely fall between $3.8 trillion and $4 billion for the fiscal year beginning Oct. 1.
As we reported yesterday, the Obama budget will also set aside a $634 billion health care “reserve fund” as a down payment of the estimated $1trillion cost of Obama’s so-called “health care reform.”
OTHER BUDGET HIGHLIGHTS:
- Bush tax cuts allowed to expire at the end of 2010.
- Phase out of direct payments to farms with sales revenue of more than $500,000 per year – projected to save $9.8 billion over 10 years.
- Abolish payments for the storage of cotton – projected to save $570 million over 10 years.
- Eliminate the President Bush’s Federal Mentoring Program – projected to save $500 million
- Eliminate the “Advance” Earned Income Tax Credit – projected to save $880 million over 10 years.
- Increase investment managers tax rate 135%, from 15% to 35 percent.
- Hire additional IRS agents to collect more taxes.
- Significant undisclosed savings from Pentagon procurement – Obama code for defense cuts.
So Obama is going to spend $4 trillion, run a $1.75 trillion deficit and offer the banks another $750 billion bailout, but can only find a measly $1.164 billion in annual savings in the entire Federal budget, not counting his “significant undisclosed” defense cuts.
Like Obama said, he won. It’s becoming clear that means we lose.