If President Obama's 2011 budget were put into effect as proposed, the U.S. federal government would add an estimated $9.8 trillion to the country's accrued debt over the next decade, according to a preliminary analysis from the Congressional Budget Office.
Of that amount, an estimated $5.6 trillion will be in interest alone.
Yes, fiscal conservatives know that the budget proposal's from the Obama administration are simply not sustainable. But the analysis doesn't stop there:
The CBO cited two big contributors to the jump in debt.
One is the president's proposal to extend the 2001 and 2003 tax cuts for the majority of Americans. The other is the proposal to protect middle- and upper-middle-income families from having to pay the Alternative Minimum Tax (AMT).
Together those proposals would cost $3 trillion between 2011 and 2020.
Ahh, here is the meat of the matter. You see, the Obama administration has skilfully had the CBO score their proposed budgets (with bloated new entitlements like ObamaCare and Cap and Tax) along with the Bush tax cuts. What a better way to explain to citizens that taxes must rise in order to avoid a fiscal train wreck sometime in the future.
The administration has also called the budget trajectory unsustainable and the president has created a fiscal advisory commission to recommend ways lawmakers can get annual deficits down to 3% of GDP by 2015.
Yes, a blue ribbon commision will tell us what we already know...that taxes must go up and the Bush tax cuts must end. The commision runs interference for the administration and for liberal democrats who hate anything George W. Bush did. Wait for it, folks...wait for it.