Five years, $5.08 trillion in debt
One week the President talks about a spending freeze, the next week he proposes a budget with the largest deficit in the history of our nation. We can’t spend ourselves out of this economic mess. This will eventually catch up with us and have to be paid back by future generations.
President Barack Obama’s new $3.83 trillion budget — on its way to Congress Monday — anticipates an even worse deficit this year than last and no big improvement until the economy improves and the nation sheds the crushing costs of two wars overseas.
It’s a bleak, nerve-wracking landscape for any White House, but the president is still betting on significant new spending for education and clean energy initiatives, including billions in loan guarantees for the nuclear power industry.
He would hire thousands of new personnel to process veterans’ claims faster, and amid everything else, wants billions to resolve the complaints of soldiers and airmen exposed to Agent Orange in the Vietnam War.
But behind the brave face, Obama’s budget anticipates that Iraq and Afghanistan war funding will hover near $160 billion for both 2010 and 2011— far more than he had hoped when elected and only modestly less than in the last years of the Bush Administration.
Read more at www.politico.com
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