Because $1.29 Trillion in Deficit Is Not Enough… Obama To Propose $300 Billion in Spending to Jump-Start Jobs
Obama topped a trillion dollars in deficit his first year in office… And, his second year in office… And, his third year in office.
Thanks to this historic spending the US economy was downgraded last month.
The Obama deficit this year is expected to reach $1.29 trillion. (The Captain’s Comments)
Barack Obama and Democrats 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.
Barack Obama will propose $300 billion in stimulus to jump-start jobs this week.
The AP reported:
The economy weak and the public seething, President Barack Obama is expected to propose $300 billion in tax cuts and federal spending Thursday night to get Americans working again. Republicans offered Tuesday to compromise with him on jobs — but also assailed his plans in advance of his prime-time speech…
…According to people familiar with the White House deliberations, two of the biggest measures in the president’s proposals for 2012 are expected to be a one-year extension of a payroll tax cut for workers and an extension of expiring jobless benefits. Together those two would total about $170 billion.
The people spoke on the condition of anonymity because the plan was still being finalized and some proposals could still be subject to change.
The White House is also considering a tax credit for businesses that hire the unemployed. That could cost about $30 billion. Obama has also called for public works projects, such as school construction. Advocates of that plan have called for spending of $50 billion, but the White House proposal is expected to be smaller.
Obama also is expected to continue for one year a tax break for businesses that allows them to deduct the full value of new equipment. The president and Congress negotiated that provision into law for 2011 last December.
Though Obama has said he intends to propose long-term deficit reduction measures to cover the up-front costs of his jobs plan, White House spokesman Jay Carney said Obama would not lay out a wholesale deficit reduction plan in his speech.
Good grief. Obama is such a true democrat. The only solution he has to any problem is to blow more taxpayer dollars.