A House and Senate GOP Budget Committee analysis of President Barack Obama’s newly released budget says the plan achieves just $119 billion in net deficit reduction, not the $1.8 trillion the White House claims.
The GOP analysis finds that Obama’s budget would generate $8.2 trillion in new debt, increasing total U.S. debt to $25.4 trillion over the next decade.
The Republican budgetary analysis also finds that the Obama budget would mean a debt increase per household of $60,980. The budget would also raise taxes $1.1 trillion in addition to the $1 trillion in Obamacare taxes and the over $600 billion from Obama’s recent tax increase.
Still, the Obama Administration claims its budget pays for every program without adding a dime to the deficit. “Every new initiative in the plan is fully paid for,” says the White House, “so they do not add a single dime to the deficit.”
But Speaker John Boehner (R-OH) says President Obama’s budget is just more of the same, similar to the last two budgets he proposed that were unanimously rejected by the U.S. Senate.
“We’ve been hoping that the president would finally learn that spending is the problem and make a meaningful attempt to rein in Washington’s growth,” said Boehner. “It doesn’t seem that will happen either.”