Obama Budget: Massive Spending, Massive Tax Increases, Massive Deficits

It's unprecedented!

President Barack Obama sent Congress a $3.83 trillion budget on Monday that would pour more money into the fight against high unemployment, boost taxes on the wealthy and freeze spending for a wide swath of government programs.

The deficit for this year would surge to a record-breaking $1.56 trillion, topping last year’s then unprecedented $1.41 trillion gap. The deficit would remain above $1 trillion in 2011 although the president proposed to institute a three-year budget freeze on a variety of programs outside of the military and homeland security as well as increasing taxes on energy producers and families making more than $250,000.

The budget proposal reflects the competing pressure on Obama ahead of the November congressional elections to cut the deficit while pulling the country out of a deep recession — a step that normally requires more rather than less government spending

Of course the media won't point out the tax increase, but we will.

Obama’s job proposals would push government spending in 2010 to $3.72 trillion, up 5.7 percent from last year. Obama’s blueprint for the 2011 budget year, which begins Oct. 1, would increase spending further to $3.83 trillion, 3 percent higher than projected for this year.

While Obama projects that deficits from 2011 to 2020 will add $8.5 trillion to the national debt, the administration said that figure would have been $1.2 trillion higher were it not for deficit cuts the administration is proposing, including elimination of the 2001 and 2003 Bush tax cuts for families making more than $250,000 annually, something Republicans have vowed to oppose.

Eliminating tax cuts, of course, is a tax increase. Perhaps some day the media and the hacks in Washington will realize making $250,000 a year does not make one wealthy.