Obama tripled the deficit his first year with the failed Obama-Pelosi stimulus plan.
In Obama’s second year the deficit topped a trillion dollars again.
It was unprecedented.
The Obama deficit this year may reach $1.29 trillion. (The Captain’s Comments)
Barack Obama and Democrats also added over One Trillion Dollars to the Federal Budget in the last 4 years.
That’s at least a 30% increase in federal spending in just 3 years.
In his weekly address today Obama demanded new tax hikes to pay down the debt.
From the White House Website:
…The truth is, you can’t solve our deficit without cutting spending. But you also can’t solve it without asking the wealthiest Americans to pay their fair share – or without taking on loopholes that give special interests and big corporations tax breaks that middle-class Americans don’t get.
It’s pretty simple. I don’t think oil companies should keep getting special tax breaks when they’re making tens of billions in profits. I don’t think hedge fund managers should pay taxes at a lower rate than their secretaries. I don’t think it’s fair to ask nothing of someone like me when the average family has seen their income decline over the past decade – and when many of you are just trying to stretch every dollar as far it it’ll go.
We shouldn’t put the burden of deficit reduction on the backs of folks who’ve already borne the brunt of the recession. It’s not reasonable and it’s not right. If we’re going to ask seniors, or students, or middle-class Americans to sacrifice, then we have to ask corporations and the wealthiest Americans to share in that sacrifice. We have to ask everyone to play their part. Because we are all part of the same country. We are all in this together.
So I’ve put things on the table that are important to me and to Democrats, and I expect Republican leaders to do the same. After all, we’ve worked together like that before. Ronald Reagan worked with Tip O’Neill and Democrats to cut spending, raise revenues, and reform Social Security. Bill Clinton worked with Newt Gingrich and Republicans to balance the budget and create surpluses. Nobody ever got everything they wanted. But they worked together. And they moved this country forward.
That kind of cooperation should be the least you expect from us – not the most you expect from us. You work hard, you do what’s right, and you expect leaders who do the same. You sent us to Washington to do the tough things. The right things. Not just for some of us, but for all of us. Not just what’s enough to get through the next election – but what’s right for the next generation.
You expect us to get this right. To put America back on firm economic ground. To forge a healthy, growing economy. To create new jobs and rebuild the lives of the middle class. And that’s what I’m committed to doing.
Thank you.
Despite the rhetoric, Obama still has not offered a plan.
