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When he released his new budget proposal on February 1, President Barack Obama asserted that the government "simply cannot continue to spend as if deficits don't have consequences; as if waste doesn't matter; as if the hard-earned tax dollars of the American people can be treated like Monopoly money; as if we can ignore this challenge for another generation."[1]Yet the President's new budget does exactly that-- raising taxes by $3 trillion and federal spending by $1.6 trillion over the next ten years. If enacted, this budget would increase the 2010 deficit to more than $1.5 trillion, and leave a deficit of more than $1 trillion even after an assumed return to peace and prosperity. Overall, the President's budget would double the national debt over the next decade.[2]President Obama's Budget•Would permanently expand the federal government by 3 percent of gross domestic product (GDP) over 2007 pre-recession levels;•Would raise taxes on all Americans by nearly $3 trillion over the next decade;•Would raise taxes for 3.2 million small businesses and upper-income taxpayers by an average of $300,000 over the next decade;•Would borrow 42 cents for each dollar spent in 2010;
•Would borrow 42 cents for each dollar spent in 2010;
