Obamanomics Crushing America's Future

The Obama Administration revealed its mid-session budget, updating its own budgetary projections. By their analysis, American can expect 10% unemployment this year and a $1.47 trillion deficit next year. Obama's plan is to add crippling tax hikes to the unrestrained spending and unheard of deficits and debt.

Deficits.  OMB projected deficits will be $8.474 trillion over the next 10 years.

Debt. Relative to the 2008 level ($5.8 trillion), debt held by the public under the President’s budget more than doubles in 5 years (to $13.3 trillion) and more than triples by the end of the decade (to $18.5 trillion). As a share of the economy, the debt rises inexorably, to 77.4 percent of gross domestic product [GDP] in 2020

Spending. The deficits and debt are driven by higher spending. The President and the Democratic Congress have launched an unprecedented increase in spending.

"The Mid-Session Review provides a revealing look at the costly consequences of this Administration’s relentless expansion in the size and scope of the Federal government," said Paul Ryan, Ranking Republican, House Committee on the Budget.

Read the Republican Caucus analysis HERE.