By Nancy K. Matthis | Tuesday, March 24th, 2009 at 5:10 pm
Barack Hussein Obama will displace regular prime-time programming on television tonight at 8PM ET to present his proposed $3.7 Trillion 2010 budget to the American people. You can watch on almost any broadcast or cable television channel, or you can watch here:
The non-partisan Congressional Budget Office (CBO) has a mission to perform cost-ananlysis needed for economic and budget decisions on bills before the House and Senate. The CBO’s analysis of the Obama budget, as it stands in March, is here (in PDF format) — A Preliminary Analysis of the President’s Budget and an Update of CBO’s Budget and Economic Outlook. As you listen to tonight’s sales pitch, remember this comment from the CBO analysis, page 14, column 1:
CBO’s estimate of the deficits under the President’s budget are higher each year than those estimated by the Administration — by $93 billion for 2009 and by about $2.3 trillion for the 2010–2019 period.
The Wall Street Journal took note:
Obama Sticker Shock
President Obama’s 2010 budget looks more astounding by the day, especially when someone other than the White House budget office is analyzing it. The latest case of epic sticker shock came Friday when the Congressional Budget Office published its assessment, which found that the proposals would increase the federal deficit by $2.3 trillion more over 10 years than the White House had claimed.
Hey, what’s a little rounding error among friends?
Mr. Obama keeps saying he has “inherited a trillion dollar deficit,” which is true. But he’s hardly an innocent bystander. CBO shows that the President is seeing that $1 trillion and raising it again and again, as far as the eye can see. In only two months, since the last CBO budget review in January, Democrats have passed laws that increase spending by $134 billion in the last six months of this fiscal year alone, and $1.2 trillion over the next 10 years. And that’s all before his 2010 budget proposals….
Senator Judd Gregg (R-NH) put it in perspective:
“This translates to a debt-to-GDP ratio that we have not seen in this country since the end of World War II, when we were trying to pay off war debt,” he said. “If you take all of the presidents from George Washington to George Bush, and add up all of the debt they put on the books of the American people, President Obama’s plan adds more debt than that.”
Steve Elliott, President of the Grassfire Alliance, is doing something about it. In an email he said:
Obama’s putting America on the road to ruin.
Forecasting bankruptcy for our nation if President Obama’s spending blueprint wins passage, Congressional Republicans predict $20 trillion annual deficits and a weakened dollar.
It will put us all on “the fast road to financial destruction,” says Sen. Richard Shelby (R-AL) the ranking Republican on the banking committee….
…the President will appear on televisions across the land, and do his utmost to sell Americans on his massive spending plan– doubling public debt in 5 years, and tripling it in 10….
Later this week, Grassfire will be delivering petitions to Capitol Hill to protest Obama’s radical, big government blueprint that will greatly expand government, impose a new global warming “carbon tax,” and add at least $1.6 trillion in new taxes!
If you would like to be one of the thousands of irate taxpayers who are signing Steve’s petition, go here.
Nancy Matthis is the publisher and executive editor of the weblog format news magazine and multimedia outlet American Daughter Media Center.
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