President Obama’s proposed record $1.4 trillion budget landed on Capitol Hill last week, so dead on arrival it’s a pity real trees had to die in its creation.
The budget proposes to increase taxes over the next decade by a whopping $2.6 trillion. And just to show how serious Obama was about this effort, that’s nearly double the $1.4 trillion he proposed and failed to get in last year’s budget. Hmmm.
So let’s say the Congress actually lost its senses and went along with the tax and spending plan for the fiscal year that begins Oct. 1. Obama’s own forecast shows it would run a $9.8 trillion deficit over the next decade.
“President Obama will leave office having never proposed a budget that balances — ever,” House Speaker Paul Ryan said. “This isn’t even a budget so much as it is a progressive manual for growing the federal government at the expense of hardworking Americans.
“The president’s oil tax alone would raise the average cost of gasoline by 24 cents per gallon, while hurting jobs and a major sector of our economy.”
The proposed $10 a barrel tax on crude oil — $319 billion over the next decade — would be used to fund “alternative transportation” programs aimed at halting, of course, global warming.