President Obama is talking about how much his budget plan will, through increased taxes and supposed savings in federal spending, reduce the deficits in the next few years. But his claims miss the real point.
Even with the U.S. out of Iraq and leaving Afghanistan, and assuming the Bush tax cuts are allowed to expire for the “rich,” the three things which Democrats have said were the main cause for the huge deficits since President Obama took office, the Obama budget plan for the next ten years would increase the national debt from $15.3 trillion to $25.9 trillion.
In other words: It’s not how much you cut the deficit; it’s how much you increase the debt.
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