Obama Budget Would Add Another $9.3 Trillion to the Debt
BY: Elizabeth Harrington – February 9, 2016 3:25 pm – Washington Free Beacon
Debt would reach $27.4 trillion in 10 years
President Barack Obama presented a budget to Congress on Tuesday that if enacted would add nearly $10 trillion to the national debt, according to the White House’s projections.
The president’s final budget, widely considered to be dead on arrival due to the Republican-controlled Congress, projects the nation would face a $27.4 trillion debt in 2026.
The budget set the actual total debt for 2015 at $18.1 trillion, projecting an increase of $9.3 trillion. When President Obama took office the debt stood at $10.6 trillion.
The White House budget for fiscal year 2017 includes old and new items of the president’s agenda, including the “Fair Share Tax” on the rich, known as the “Buffett Rule,” and a new tax on oil that would increase taxes by $319 billion over 10 years.
The $4.1 trillion budget also includes raising the minimum wage, “free community college” for two years, and … read more here
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