Flashback

Obama 0-4 for 2008 townhall-debate promises.

Math

Erick Erickson:

If Barack Obama gets his way and raises taxes on everyone making $250,000.00 a year or more, the amount of money he brings in will not close his own budget deficit. Nevermind the national debt — he won’t close this year’s budget deficit.  

In fact, if we get the Democrats’ their wet dream of tax policy and take 100% of all annual income of everyone making $250,000.00 a year or more, we still won’t close Barack Obama’s budget deficit.

This is why Barack Obama will continue to simply demogague the Ryan plan, rather than present an actual plan of his own.  It is mathematically impossible for any real plan to match his own and, thus, the lie would be revealed.

An Abdication of Responsibility

Veronique de Rugy and Nick Gillespie:

What we’re actually witnessing — and have been for years now — is not gridlock, but the abdication of responsibility by Congress and the president for performing the most basic responsibilities of government. Despite the fiscal crisis that Washington knows will occur if it fails to deal with unsustainable spending and debt, it hasn’t managed to produce a federal budget in more than three years.

To their credit, House Republicans have drafted, voted on, and passed a budget, but they are busy now trying to worm their way out of the very spending cuts — the sequestration deal — they insisted on as a condition for raising the debt limit last summer.

One of the most egregious failures of the president’s budget was that it, as in his previous budgets, offered no serious plan to stabilize the largest entitlement programs. Instead, the president and congressional Democrats lambasted Republicans for actually addressing the problem in their budget.

That's why we need a Tea Party.

Liar-in-Chief

Hinderaker: 

Contrary to popular belief, politicians are not, as a rule, particularly dishonest people. But there are exceptions. On the current scene, it would be hard to find another politician as dishonest as Barack Obama. Currently, he is running an ad that says he has a plan to “pay down the debt in a balanced way.” He also tries to justify his call for a tax increase on the ground that the increased revenues will reduce the deficit.

But where, exactly, is Obama’s plan to “pay down the debt?” It is a figment of his imagination; or, rather, a convenient lie that he thinks will help him politically. The only plan Obama has authored is a budget so outrageous that no one–not one Republican, not one Democrat, in either the House or the Senate–will vote for it.

Bill Whittle: Merchants of Despair

The House Rejects Obama's Budget

414-0.

It's Official

In just three years and two months, Obama has increased the national debt more than Bush did in eight years.  And here is some more food for thought:  If Mr. Obama wins re-election, and his budget projections prove accurate, the National Debt will top $20 trillion in 2016, the final year of his second term. That would mean the Debt increased by 87 percent, or $9.34 trillion, during his two terms.
Hat tip to Instapundit.

Government Records its Worst Monthly Deficit in History

The federal government recorded its worst monthly deficit in history in February, according to a preliminary report Wednesday from the Congressional Budget Office that said the deficit in fiscal year 2012 is already more than half a trillion dollars.

The CBO’s figures show that despite repeated efforts to trim spending, the government has borrowed 42 cents of every dollar it spent during the first five months of this fiscal year.

The nonpartisan agency projected the government will run a deficit of $229 billion in February, the highest monthly figure ever. The previous high was $223 billion a year ago, in February 2011.

It is the 41st straight month the government has run a deficit — itself a record streak that dates back to the final months of President George W. Bush’s tenure. Before now, the longest streak on record was 11 months.

 For all the money that they are burning, you would think that we would at least have something to show for it, but unemployment is still over 9%.

Obama's "Budget"

Gay Patriot looks at Obama's proposed joke of a budget and Timothy "TurboTax" Geithner's testimony before the House earlier this week and comes away with three key points:

1. The budget fails to address the long-term solvency of Medicare and Medicaid.  As Geithner himself said, “Even if Congress were to enact this budget we would still be left with–in the outer decades as millions of Americans retire–what are still unsustainable commitments in Medicare and Medicaid.”
2. The administration doesn’t like the Ryan plan, but has no plan of its own to deal with the nation’s long-term debt problem.  Geithner again, “We’re not coming before you to say we have a definitive solution to that long-term problem. What we do know is we don’t like yours.”
3. “President Obama’s FY 2013 budget does increase federal spending, not only above current levels (from $3.796 trillion in FY 2012 to $5.537 trillion in FY 2021, a 46% increase) but also above the levels approved by current law” (i.e., the August 2011 debt deal).  Geithner could not answer with “Yes” or “No” when asked whether  the budget increased federal spending above those levels set by that deal.

You Don't Rein in Out-of-Control Spending by Increasing It - Seems obvious, no?

David Boaz of Cato:  It’s being reported that in his 2013 budget President Obama will propose to increase spending now and reduce the deficit some day.  Isn’t that what every budget promises these days? As I noted last summer during the debt ceiling fight at the Britannica Blog, fiscal conservatives should be very skeptical of plans and proposals that  promise to cut spending some day—not this year, not next year, but swear to God some time in the next ten years:

As the White Queen said to Alice, “Jam to-morrow and jam yesterday—but never jam to-day.” Cuts tomorrow and cuts in the out-years—but never cuts today.

We’ve become so used to these unfathomable levels of deficits and debt—and to the once-rare concept of trillions of dollars—that we forget how new all this debt is. In 1981, after 190 years of federal spending, the national debt was “only” $1 trillion. Now, just 30 years later, it’s past $15 trillion.

Technically, It Has Now Been 1,001 Days