Friday, August 21, 2009

AP sources: $2 trillion higher deficit projected

WASHINGTON - The Obama administration expects the federal deficit over the next decade to be $2 trillion bigger than previously estimated, White House officials said Friday, a setback for a president already facing a Congress and public wary over spending.

Read it all.

At first, it puzzled me that the Obama administration would issue a report so potentially damaging to their own spending plans. Then I read the final paragraph:
Such deficits have always prompted Congress and the White House to take politically painful steps to curb them, such as former President Bill Clinton's tax-heavy 1993 deficit reduction plan. A companion effort by Obama could force him to break his promise to not raise taxes on individuals making less than $200,000 a year.

Then I understood: It is an excuse to go back on a promise not to raise taxes on the middle middle class, without which Obama might not have been elected. So Obama's answer to increased deficits isn't to curb outrageous government spending like a phony stimulus plan, "billions for clunkers," and socialized medicine. Instead, his solution is to loot the middle class.

2012 can't get here soon enough.

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