Tuesday, December 25, 2012
Spending will increase 55 percent over the next decade, if President Barack Obama’s budget plan goes into effect. The finding comes from the Republican-side of the Senate Budget Committee, which notes that Obama’s “Proposal Would Spend $880 Billion Over Already Projected Increases.”
Here’s a chart, detailing how Obama’s plan would bring spending from $3.62 trillion in 2013 to $5.63 trillion in 2022.
“The President’s last fiscal cliff offer once again increased spending rather than reducing it,” writes the minority-side of the Senate Budget Committee. “His plan does claim $800 billion in spending reductions over ten years, but these claims are more than offset by new spending increases: increasing spending above BCA limits ($1,200 billion); paying for the doc fix ($400 billion); new transportation stimulus spending ($50 billion), and; a one-year extension of unemployment insurance ($30 billion). After subtracting the president’s savings from his spending increases, over the next 10 years the President’s proposal actually spends $880 billion more – $44.368 trillion versus $43.488 trillion – than currently projected spending levels. In the next two years alone, the President’s plan would spend $255 billion over current projected spending levels ($156 billion higher in FY13 and $99 billion higher in FY14). Overall, spending would increase 55% under the President’s plan, from $3.6 trillion in FY13 to $ 5.6 trillion in FY22.”