White House Proposes $3.8 Trillion Budget
It will leave $8.5 trillion in added debt over the next decade. Read More...
FEBRUARY 2, 2010
Wealthy Face Tax Increase
Budget Projects Larger Deficits Despite Spending Cuts; 'Think Bigger,' Says GOP
By JONATHAN WEISMAN
WASHINGTON— ...Obama's $3.8 trillion budget...raises taxes on businesses/upper-income households by $2 trillion.., cuts spending on [certain] programs.., but will...leave...$8.5T in added debt over the next decade.
It will add fuel to the election-year debate over the size/scope of government...Americans want and their willingness to pay for it.
By 2020, the federal debt will have risen from $7.5T—or 53% of [GDP]—last year to $18.6T, 77% of GDP.