As Obama pushes spending plan, debt still soaring

by Dave Boyer - The Washington Times  |  published on February 3, 2015

President Obama’s budget proposal for fiscal 2016 might give you the impression that the federal government isn’t $18 trillion in debt.

Mr. Obama called Monday for a nearly 7-percent increase in spending and big tax increases, saying the U.S. can afford to toss aside automatic spending caps because the annual budget deficit has fallen to a mere $468 billion, the lowest of his presidency.

It’s true that the government’s red ink has declined by about two-thirds since the string of trillion-dollar deficits that Mr. Obama and Congress racked up during his first term. But the president isn’t talking much about the soaring national debt, or the rapidly rising interest payments that will crowd out other budget priorities over the next decade.

The total federal debt hit $18 trillion in December. When Mr. Obama took office in January 2009, total debt stood at $10.6 trillion. That’s an increase of about 70 percent in six years.

By the time Mr. Obama leaves office, the total debt is projected to rise to about $20.1 trillion.

Given that burden on taxpayers, Mr. Obama’s spending plan is “utterly irresponsible,” said Michael Tanner, a senior fellow at the libertarian Cato Institute.

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