A House and Senate GOP Budget Committee analysis of President Barack Obama’s newly released budget says the plan achieves just $119 billion in net deficit reduction, not the $1.8 trillion the White House claims.
The GOP analysis finds that Obama’s budget would generate $8.2 trillion in new debt, increasing total U.S. debt to $25.4 trillion over the next decade.
The Republican budgetary analysis also finds that the Obama budget would mean a debt increase per household of $60,980. The budget would also raise taxes $1.1 trillion in addition to the $1 trillion in Obamacare taxes and the over $600 billion from Obama’s recent tax increase.
Still, the Obama Administration claims its budget pays for every program without adding a dime to the deficit. “Every new initiative in the plan is fully paid for,” says the White House, “so they do not add a single dime to the deficit.”