The White House projected Monday that the federal deficit would spike to $1.65 trillion in the current fiscal year, the largest dollar amount ever. The record deficits seem to reach new records every other month. The Debt now equals the entire US GDP, the entire economy.
Obama is proposing $3.73 trillion budget in the next fiscal year (2012), budget cuts and tax increases that are spread over 10 years.
The budget does nothing to arrest a future spike in the projected costs of Medicare, Medicaid, Social Security, and Obamacare. Details of the budget reveal a gross misunderstanding of the dire need to make real cuts in spending in current, and subsequent years.
Given the horrific extent of debt and deficits Obama persists in accruing, the new budget must be considered a disingenuous joke.
Metaphorically, there is a wolf at both the front and back doors. At the front door, the runaway spending by Obama, at the back door, the inflationary and reckless time-bomb the Federal Reserve has unleashed from its printing presses.
The Debt Talks have broken down utterly. Obama even ran out of the last meeting, and the weekend has produced no new anything, not a talk, not a solution, not a plan, nada.
The GOP is due to vote on the Cut, Cap and Balance bill on Tuesday. Since Obama has once again failed to provide any presidential leadership, we have to assume the Democrats intend to let all of this collapse, the deadline on the Debt Ceiling to pass, and the US credit rating to be downgraded - all while Obama and the Democrats posture, procrastinate, and abrogate their responsibilities.
Related:
OBAMA VOWS TO VETO SPENDING CUTS
