© 2024 Blaze Media LLC. All rights reserved.
This Dismal Chart Demonstrates What the Obama Budget Will Do to the National Debt in 4 Years
August 23, 2012
Hint: It's not good.
The Senate Budget Committee Republican staff under Ranking Member Jeff Sessions [R-AL] on Thursday released this really, really gloomy chart:
The national debt will surpass $20 trillion by 2016?
“On the heels of yesterday’s Congressional Budget Office finding that the U.S. will experience its fourth consecutive deficit in excess of a trillion dollars this fiscal year, it is worth examining what the President’s budget proposes for the next four fiscal years,” Sen. Sessions office said in a statement.
Aided by data from the Treasury and the OMB’s Fiscal Year 2013 Mid-Session Review, the senator’s office compiled the following list of startling facts:
- Under the President’s budget policies, federal debt will increase to $25.4 trillion by the end of 2022, an increase of $10.6 trillion (72 percent).
- Federal debt at the end of the current fiscal year will stand at $16.2 trillion—$6.2 trillion above where it was 4 years earlier.
- In the last 4 years, the debt increased by more than it did in the previous 17 years.
- The $1.8 trillion in tax hikes in the President’s budget finance $1.4 trillion in spending above projected growth, not deficit reduction.
- Debt will remain permanently elevated above 100 percent of GDP -- a level of debt that economists believe results in weaker growth and millions of lost jobs.
Meanwhile, it's been over three years since the Democrat-controlled Senate has passed a budget.
That is all.
Follow Becket Adams (@BecketAdams) on Twitter
Want to leave a tip?
We answer to you. Help keep our content free of advertisers and big tech censorship by leaving a tip today.
Want to join the conversation?
Already a subscriber?
more stories
Sign up for the Blaze newsletter
By signing up, you agree to our Privacy Policy and Terms of Use, and agree to receive content that may sometimes include advertisements. You may opt out at any time.
© 2024 Blaze Media LLC. All rights reserved.
Get the stories that matter most delivered directly to your inbox.
By signing up, you agree to our Privacy Policy and Terms of Use, and agree to receive content that may sometimes include advertisements. You may opt out at any time.