Thursday, March 26, 2009

Budget Fact #11

A Crushing Debt Burden

The Facts About The Democrats' Budget:

Unprecedented Borrowing: According to the CBO, the President's budget will add $9.3 trillion to the national debt. This would lead to unprecedented borrowing, with debt held by the public increasing from 41% of GDP in 2008 to 82% of GDP in 2019.

Crushing Debt Burdens: In 2010, the budget will spend $172 billion on net interest on the national debt. This is almost four times greater than the budgets for the Department of Education ($46.7 billion) and the Department of Homeland Security ($42.7 billion). Piling up more and more debt will mean that we have less to spend on real priorities like education and national security in the future.

Crushing Interest Payments Over The Next Ten Years: Interest alone will cost taxpayers approximately $4.8 trillion over the next ten years according to the Congressional Budget Office estimates.

More Borrowing Than Every Other President Combined: The President's budget will create more gross debt in ten years than every other U.S. President in history combined.

Annual Budget Deficits Higher Than Any Year Before President Obama Took Office: Despite the Democrats' claims, their budget plans for deficits through 2019 that are actually higher than for any year before President Obama took office. This includes a deficit projected by CBO of $672 billion in 2013, the year the Democrats are claiming to halve the budget.

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