Thursday, March 12, 2009

Facts about the Democrats' budget

Too Much Spending On The Backs Of American Families

Record Spending In The Budget: The Democrats' budget increases spending to $3.9 trillion in 2009, or 27% of GDP – the highest level since World War II. This is simply too much spending and will lead to higher taxes, slower economic growth, and fewer jobs for middle class families.

Historically High Deficits For The Next Ten Years: Despite their claims, the Democrats' budget promises historically high deficits stretching out until 2019, when the budget deficit will stand at $712 billion.

A Record Deficit In 2009: The Democrats' budget would produce a $1.75 trillion deficit, or 12.3 percent of GDP, in 2009. This deficit level is more than three times the previous record deficit.

Not Halving The Deficit: Despite the President's pledge to cut the deficit by the end of his first term, the Democrats' budget projects that deficits will start increasing immediately after that. Thus, the Democrats' budget only halves the deficit for one year before it starts going back up again.

$24 Billion Spent A Day: Over the first fifty days of the new Administration, Democrats have spent approximately $24 billion a day, most of it with borrowed money.

$1 Billion Spent An Hour: Over the first fifty days of the new Administration, Democrats have spent approximately $1 billion an hour, most of it with borrowed money.

Doubling The National Debt Over The Next Eight Years: The Democrats’ budget doubles the national debt over the next eight years.

Skyrocketing Net Interest Payments: Beginning in 2012, and every year thereafter, the government will spend more than $1 billion a day in net interest.

Trillion Dollar Increase In Entitlement Spending: The Democrats' budget includes a $1 trillion increase in entitlement spending over ten years. The budget dramatically increases entitlement spending while doing very little to improve the budget impact of existing entitlement programs.

Posted by: Press Secretary

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