By Peter Roff, Thomas Jefferson Street blog
As my bloleague John A. Farrell wrote here Wednesday, there are a few things in President Barack Obama's FY 2011 budget proposal worth saluting. Unfortunately, the bad outweighs the good. Obama and the Democrats in Congress have proposed an increase in the federal debt limit of $1.9 trillion--or just over $6,500 per person--making it the largest debt limit increase in U.S. history. And, points out House Republican Whip Eric Cantor, that's on top of two other increases in the debt limit in the past 12 months that total $1.079 trillion.
If that were not enough, an analysis prepared by the nonpartisan National Taxpayers' Union Foundation says Obama's budget document is loaded with "recycled program cuts," "tax hikes masquerading as spending cuts," and "spending hikes masquerading as tax cuts."
"As hard as the White House tries to reassure Americans about the nation's finances, taxpayers have many reasons to be afraid--very afraid--that President Obama's team won't fare any better at controlling deficit spending than the Bush administration did," NTUF Senior Policy Analyst Demian Brady said. "Americans will find a mostly gloomy fiscal horizon ahead for their country if the president's proposals become law."
Corrected on 02/05/10: An earlier version of this article misstated the fiscal year for the president's budget proposal. The correct year is FY2011.