Obama’s budget does not cut spending
Defending President Obama’s budget on Meet the Press this Sunday, White House chief of staff Jack Lew claimed, “The president’s budget has $1 of revenue for every $2.50 for spending cuts.” This is just plain false. In fact, Obama’s budget doesn’t have any spending cuts at all.
Obama’s budget does raise taxes. According to his own numbers, Obama hikes taxes by $1.9 trillion over the next ten years. Currently, the federal government consumes 15.8 percent of gross domestic product through taxes. Under Obama’s budget that number will rise to 20.1 percent by … Continue Reading