Spending Like A Drunken Sailor On Crack

So, Obama keeps saying that he’s going to cut the deficit in half by the end of his first term. Oh really?

Deficit Projected To Swell Beyond Earlier Estimates

President Obama’s ambitious plans to cut middle-class taxes, overhaul health care and expand access to college would require massive borrowing over the next decade, leaving the nation mired far deeper in debt than the White House previously estimated, congressional budget analysts said yesterday.

In the first independent analysis of Obama’s budget proposal, the nonpartisan Congressional Budget Office concluded that Obama’s policies would cause government spending to swell above historic levels even after costly programs to ease the recession and stabilize the nation’s financial system have ended.

Tax collections, meanwhile, would lag well behind spending, producing huge annual budget deficits that would force the nation to borrow nearly $9.3 trillion over the next decade — $2.3 trillion more than the president predicted when he unveiled his budget request just one month ago.

Although Obama would come close to meeting his goal of cutting in half the deficit he inherited by the end of his first term, the CBO predicts that deficits under his policies would exceed 4 percent of the overall economy over the next 10 years, a level White House budget director Peter R. Orszag yesterday acknowledged would “not be sustainable.”

The result, according to the CBO, would be an ever-expanding national debt that would exceed 82 percent of the overall economy by 2019 — double last year’s level — and threaten the nation’s financial stability.

Bush Deficit vs. Obama Deficit in Pictures

President Barack Obama has repeatedly claimed that his budget would cut the deficit by half by the end of his term. But as Heritage analyst Brian Riedl has pointed out, given that Obama has already helped quadruple the deficit with his stimulus package, pledging to halve it by 2013 is hardly ambitious. The Washington Post has a great graphic which helps put President Obama’s budget deficits in context of President Bush’s.

They say a picture is worth a thousand words:

Projected Deficit

In the first independent analysis, the nonpartisan Congressional Budget Office concluded that President Obama’s budget would rack up massive deficits even after the economy recovers, forcing the nation to borrow nearly $9.3 trillion over the next decade.

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Now, does that look like Obama is going to cut the deficit in half or like he’s planning to spend like a drunken sailor on crack with someone else’s stolen American Express Gold card?

See also:
A New Era of Responsibility
Renewing America’s Promise

Obama Seeks Congressional Support for $3.55 Trillion Budget
Obama budget projected at $9.3 trillion in next 10 years
CBO: U.S. budget deficit to hit 1.8 trillion dollars this year
Deficit Projected To Swell Beyond Earlier Estimates
Great Obama bankruptcy?
Obama plan may ‘bankrupt’ US
Federal Budget Spending, National Debt, Deficit
U.S. NATIONAL DEBT CLOCK
Maxing Out the National Debt Clock

/how long before China and the rest of the world just say no and stop funding our insane deficit spending addiction?