Obama will run up more debt all U.S. presidents combined

By Dan Fagan
Publisher
The Alaska Standard

The verdict is in. Our current president believes there should be little or no restraint when it comes to government spending. President Barack Obama’s new budget will spend an additional $1.7 trillion and ad another $2 trillion to the nation’s deficit.

According to the Heritage Foundation, the President's budget would:

• Permanently expand the federal government by nearly 3 percent of gross domestic product (GDP) over 2007 pre-recession levels;

• Raise taxes onall Americans by more than $2 trillion over the next decade (counting health care reform and cap and trade);

• Raise taxes for 3.2 million small businesses and upper-income taxpayers by an average of $300,000 over the next decade;

• Borrow 42 cents for each dollar spent in 2010;

• Run a $1.6 trillion deficit in 2010--$143 billion higher than the recession-driven 2009 deficit;

• Leave permanent deficits that top $1 trillion in as late as 2020; and

• Double the publicly held national debt to over $18 trillion. Read more