And they will not even go on record identifying which cuts in the House’s bill they are willing to accept. The Post explains why: “Such a move would force Democrats to go on record defending programs that Republicans had identified as wasteful.”
These large deficits will persist because the President’s steep tax hikes cannot keep up with his runaway spending. Relative to the historical averages (which were also pre-recession levels), The main drivers of runaway spending—surging Social Security, Medicare, and Medicaid costs—would not be reformed at all. Accordingly, the annual cost of interest on the would quadruple.would raise taxes by 1.3 percent of GDP yet increase spending by 4 percent of GDP.
Under President Obama’s budget proposal, taxpayers would see large tax increases, bigger government, and slower economic growth. The President who declared that “I didn’t come here to pass our problems on to the next President or the next generation—I’m here to solve them” would, over the next decade, drop an additional $80,000 per household in debt onto the laps of our children and grandchildren.