Obama's Proposal: Increase Debt Extra $26B This Year, $83B Next Year, $2.7T Over Decade
While the Republican-controlled House of Representatives has voted this year to approve House Budget Chairman Paul Ryan's (R.-Wis.) proposal--that would put the government on a gradual path to a surplus by 2040--and plans to vote on a balanced budget amendment next week that would cap federal spending at 18 percent of GDP, the only budget proposal President Obama's has publicly revealed in 2011 would, according to the Congressional Budget Office, increase the deficit by $26 billion this year, $83 billion next year, and $2.7 trillion over the next decade.
Additionally, although annual budget deficits would decline somewhat between 2013 and 2015 under Obama's proposal, according to the CBO, after that they would start increasing again, going up every year from 2016 to 2021, the last year estimated by the CBO.
In short, the only budget proposal Obama has put forward this year for the public to review and analyze puts the federal government on a path to eventual bankruptcy.
In the latest Congressional Budget Office's analysis of the president's budget--published in April--the CBO compared its "baseline" estimates for the coming decade to what it estimates would be the fiscal results of Obama's budget plan. (The CBO's baseline largely assumes current law will be maintained.)