Obama $3.8 Trillion Budget will cause national deficit to hit a record-breaking amount of $1.6 Trillion

obama-russianGet ready for a $1.6 national deficit, once Obama proposes his $3.8 TRILLION budget on Monday for fiscal year 2011. Sources tell Fox News the proposed budget predicts the national deficit will crest at a record-breaking $1.6 trillion in the current fiscal year! Deficits over the next decade will average 4.5% of the size of the economy, a level which economists say is dangerously high if not addressed.

The 2,000-page, 10-pound book, which retails to the public for $37 a pop, is a blueprint for spending that is likely to include requests for more money for education, $25 billion more for cash-strapped states, increased spending for the National Institutes of Health, the Energy Department, the National Science Foundation and the Census Bureau, which this year is conducting its decennial count of people living in the United States.

The president is also proposing to cut back or eliminate 120 government programs, including projects by the Army Corps of Engineers and NASA’s plan to return astronauts to the moon.

It puts a three-year freeze on discretionary spending outside defense. That excludes the fastest growing parts of the budget — entitlements like Social Security, Medicare and Medicaid as well as national security.

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January 31, 2010 · Filed Under General Politics


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