Monday, June 18, 2012

OBAMA ADMINISTRATION SPENDING U.S. INTO OBLIVION

Many talk and talk about the horrendous spending during the administration of Barack Obama.  I found a great numeric breakdown of spending and future projections of fiscal impact of his administration.  This is a authorized reprint of a post from the Republican National Committee's Research Division.  All statistics are backed by a source.  I will let the numbers do the talking.

$45.4 Trillion:
Total Federal Spending Proposed By Obama’s FY2013 Budget Through 2022. (CBO, 3/16/12)
$25.9 Trillion:
Projected Federal Debt In 2022 Due To Obama’s Binge Spending. (OMB, 2/13/12)
$15.7 Trillion:
Current National Debt ($15,724,907,364,995.04). (U.S. Treasury Department, Accessed 6/2/12)
$10.3 Trillion:
Amount Obama’s FY2012 Budget Would Add To The Debt Through FY2022. (OMB, 2/13/12)
$6.4 Trillion:
Cumulative Deficits Over FY2013-2022. (CBO, 3/16/12)
$5.10 Trillion:
Added To The National Debt Since Obama Took Office. (U.S. Treasury Department, Accessed 6/2/12)
$4.8 Trillion:
Total Interest Payments On The National Debt Due To Obama’s Proposed Budget, FY2013-2022. (CBO, 3/16/12)
$2.6 Trillion:
True Cost Of ObamaCare Once Fully Implemented. (Office Of The Speaker Of The U.S. House Of Representatives, Report, 1/6/11)
$1.9 Trillion:
Higher Taxes In Obama’s Budget. (OMB, 2/13/12)
$1.75 Trillion:
Annual Cost Of Federal Regulations. (Small Business Administration, September 2010)
$1.416 Trillion:
Federal Budget Deficit For FY2009 – Highest In U.S. History. (CBO, 10/7/10)
$1.298 Trillion:
Federal Budget Deficit For FY2011 – Second Highest In U.S. History. (CBO, 10/7/11)
$1.294 Trillion:
Federal Budget Deficit For FY2010 – Third Highest In U.S. History. (CBO, 10/7/10)
$1.253 Trillion:
Projected Federal Budget Deficit For FY2012. (CBO, 3/16/12)
$1.18 Trillion:
Total Cost Of Obama’s First Stimulus With Interest. (CBO, 1/31/12, CBO, 1/27/09)
$1.17 Trillion:
American Debt Held By China. (U.S. Treasury Department, Accessed 6/4/12)
$831 Billion:
Price Tag Of Obama’s First Failed Stimulus. (CBO, 1/31/12)
$575 Billion:
Amount Of Medicare Cuts In ObamaCare. (CMS Chief Actuary Richard S. Foster, Memo, 4/22/10)
$491.7 Billion:
Amount Of Taxes In ObamaCare. (Letter to Speaker Nancy Pelosi, 3/18/10; Joint Committee On Taxation, 3/2/10)

Source:  Republican National Committee Research

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