President Obama’s fourth budget promises a fourth straight year of trillion-dollar deficits, a fourth straight year of masking new spending with lame gimmickry, and a fourth straight year of asking Congress to yoke the American people with a historically massive tax hike. It is a budget with all the courage and resolve of an intentional walk, and just in time for spring training.
It is a budget that spends a staggering $47 trillion over ten years and capitulates to the inevitability of a national debt larger than the national economy, assuring that by 2022 our interest payments alone will reach $1 trillion a year. It is a budget that hikes income, estate, and other taxes by $1.9 trillion over ten years, and uses that revenue not to reduce the deficit or shore up our existing entitlement commitments but on a raft of new stimuli that are as substantively dubious as they are politically opportunistic.
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