Remember President Obama's vow that, if re-elected, he'd pursue "balanced" deficit reduction? Either he forgot, or he hopes voters have, because a new report shows his latest budget is entirely unbalanced. When Obama released his budget this March, he said it included "smart spending cuts" and closed "tax loopholes" that benefit only "the wealthiest Americans." Obama added that his budget would put "our debt on a downward path as a share of our total economy, which independent experts have set as a critical target for fiscal responsibility." As with just about everything Obama says, none of these claims turns out be true. When the Congressional Budget Office scrubbed Obama's budget, it didn't find a balanced or responsible plan at all. In a report Thursday, the CBO says the 10-year deficit cut is half what Obama claims, and all of it — 100% — comes from tax hikes. Worse, Obama's "road map" would leave us with a massive and rising national debt. Whereas Obama's budget claims $2.2 trillion in deficit cuts over the next decade, for example, the CBO found only a little more than $1 trillion. And unless Obama thinks balance means raising taxes and spending, his budget is about as unbalanced as you can get. It not only doesn't cut spending; it also increases outlays by $338 billion.
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