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Obama's Budget: $4 trillion in spending, a $1.75 trillion deficit, and another bank bailout
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Image Credit: AP
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 Obama 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.
You can read Obama's budget overview right here at Right Side Politics.
Special Report: Obama's First 100 DaysExclusive examiner.com coverage of the Obama administration's promise to bring about change.
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