Hold on to your shirt (and your wallet), as you read new Heritage Foundation research by Brian Riedl:
The Office of Management and Budget has released its annual mid-session review that updates the budget projections from this past May. They show that this year, Washington will spend $30,958 per household, tax $17,576 per household, and borrow $13,392 per household. The federal government will increase spending 22 percent this year to a peacetime-record 26 percent of the gross domestic product (GDP). This spending is not just temporary: President Obama would permanently keep annual spending between $5,000 and $8,000 per household higher than it had been under President George W. Bush.
Driven by this spending, America will run its first ever trillion-dollar budget deficit this year. Even worse, the President’s budget would borrow an additional $9 trillion over the next decade, more than doubling the national debt. By 2019, America will be spending nearly $800 billion on net interest to service this large debt. [emphases added]
This isn’t CHANGE we can believe in — especially since the only spare change coming into my household likely will be taxed to pay off Obama’s mounting debt. This is much more of the SAME of George W. Bush’s fiscal policies (minus the across-the-board income tax cuts) … only on steroids.
Astounding numbers, when you let them sink in.