Politics

Obama budget forecast predicts $8.3 trillion deficit over next decade

Neil Munro White House Correspondent
Font Size:

The White House has delivered its 10-year budget forecast to Congress, and it predicts a trillion-dollar deficit for fiscal year 2012.

The project, titled the Mid-Session Review, projects $42.6 trillion in spending, and will balloon the federal government’s accumulated debt to $25.4 trillion by 2022, according to an analysis from the office of Sen. Jeff Sessions, the GOP’s budget chief in the Senate. The review was released Friday, reducing the chance it will get much coverage in the media.

Last year, the national debt grew to $14.8 trillion, an increase of $5 trillion from 2008.

The river of red ink shows that President Barack Obama’s campaign-trail ads are “dramatically false,” said a statement from Sessions.

Those new ads promise to pay down the accumulated deficits in a “balanced way.”

In the July 23 campaign ad, dubbed “The Choice,” Obama says to the camera that a tax increase is “asking the wealthy to pay a little more so we can pay down the debt in a balanced way, so that we can afford to invest in education, manufacturing and home-grown American energy.”

But Obama’s new budget plan predicts spending of $46.2 trillion, which is $1.5 trillion above the so-called “baseline” and 57 percent higher than the 2012’s spending rate.

The baseline was agreed by White House and Hill negotiators in 2011, although many experts and advocates say it likely will be abandoned next year, even if Obama is reelected.

Sessions’ statement said that the spending plan shows the president has no intention of using tax increases to cut the accumulated deficit, and would use them instead to fund the $42.6 trillion spending plan.

The budget projection show that Obama’s misleading ads “ought to be pulled down,” said Sessions’ statement.

The administration’s Mid-Session Review predicts accumulated deficits of $8.3 trillion between 2013 and 2022.

But Session’s analysis adds the current 2012 deficit of $1.2 trillion, plus $1.1 trillion in little-recognized borrowing from government trust-funds, to argue that the administration is actually on a path to increase the cumulative deficit by $10.5 trillion by 2022.

The predicted $25 trillion debt is only part of the federal government’s debts, as it has also made numerous long-term promises — via such programs as Social Security, Medicare and federal pensions — that will cost roughly $90 trillion over the next several decades.

By law, the Mid-Session Review was scheduled for delivery to Congress mid-month.

Follow Neil on Twitter

PREMIUM ARTICLE: Subscribe To Keep Reading

Sign up

By subscribing you agree to our Terms of Use

You're signed up!

Sign up

By subscribing you agree to our Terms of Use

You're signed up!
Sign up

By subscribing you agree to our Terms of Use

You're signed up!

Sign up

By subscribing you agree to our Terms of Use

You're signed up!
Sign up

By subscribing you agree to our Terms of Use

You're signed up!

Sign Up

By subscribing you agree to our Terms of Use

You're signed up!
Sign up

By subscribing you agree to our Terms of Use

You're signed up!
Sign up

By subscribing you agree to our Terms of Use

You're signed up!
BENEFITS READERS PASS PATRIOTS FOUNDERS
Daily and Breaking Newsletters
Daily Caller Shows
Ad Free Experience
Exclusive Articles
Custom Newsletters
Editor Daily Rundown
Behind The Scenes Coverage
Award Winning Documentaries
Patriot War Room
Patriot Live Chat
Exclusive Events
Gold Membership Card
Tucker Mug

What does Founders Club include?

Tucker Mug and Membership Card
Founders

Readers,

Instead of sucking up to the political and corporate powers that dominate America, The Daily Caller is fighting for you — our readers. We humbly ask you to consider joining us in this fight.

Now that millions of readers are rejecting the increasingly biased and even corrupt corporate media and joining us daily, there are powerful forces lined up to stop us: the old guard of the news media hopes to marginalize us; the big corporate ad agencies want to deprive us of revenue and put us out of business; senators threaten to have our reporters arrested for asking simple questions; the big tech platforms want to limit our ability to communicate with you; and the political party establishments feel threatened by our independence.

We don't complain -- we can't stand complainers -- but we do call it how we see it. We have a fight on our hands, and it's intense. We need your help to smash through the big tech, big media and big government blockade.

We're the insurgent outsiders for a reason: our deep-dive investigations hold the powerful to account. Our original videos undermine their narratives on a daily basis. Even our insistence on having fun infuriates them -- because we won’t bend the knee to political correctness.

One reason we stand apart is because we are not afraid to say we love America. We love her with every fiber of our being, and we think she's worth saving from today’s craziness.

Help us save her.

A second reason we stand out is the sheer number of honest responsible reporters we have helped train. We have trained so many solid reporters that they now hold prominent positions at publications across the political spectrum. Hear a rare reasonable voice at a place like CNN? There’s a good chance they were trained at Daily Caller. Same goes for the numerous Daily Caller alumni dominating the news coverage at outlets such as Fox News, Newsmax, Daily Wire and many others.

Simply put, America needs solid reporters fighting to tell the truth or we will never have honest elections or a fair system. We are working tirelessly to make that happen and we are making a difference.

Since 2010, The Daily Caller has grown immensely. We're in the halls of Congress. We're in the Oval Office. And we're in up to 20 million homes every single month. That's 20 million Americans like you who are impossible to ignore.

We can overcome the forces lined up against all of us. This is an important mission but we can’t do it unless you — the everyday Americans forgotten by the establishment — have our back.

Please consider becoming a Daily Caller Patriot today, and help us keep doing work that holds politicians, corporations and other leaders accountable. Help us thumb our noses at political correctness. Help us train a new generation of news reporters who will actually tell the truth. And help us remind Americans everywhere that there are millions of us who remain clear-eyed about our country's greatness.

In return for membership, Daily Caller Patriots will be able to read The Daily Caller without any of the ads that we have long used to support our mission. We know the ads drive you crazy. They drive us crazy too. But we need revenue to keep the fight going. If you join us, we will cut out the ads for you and put every Lincoln-headed cent we earn into amplifying our voice, training even more solid reporters, and giving you the ad-free experience and lightning fast website you deserve.

Patriots will also be eligible for Patriots Only content, newsletters, chats and live events with our reporters and editors. It's simple: welcome us into your lives, and we'll welcome you into ours.

We can save America together.

Become a Daily Caller Patriot today.

Signature

Neil Patel