The administration could strain its credibility further when it updates the government's fiscal projections in the soon-to-be-released report called the "Mid-Session Review." It's likely that the president will blame his predecessor for a larger than previously projected deficit.
It's true that the deficit was $455 billion when Mr. Obama took office, with $325.3 billion of that from the bank rescue bill Sen. Obama supported.
But since Jan. 20, Mr. Obama has only added to the red ink. He has signed into law a $787 billion stimulus package and a $33 billion expansion of the State Child Health Insurance Program. He's greenlighted spending another $330.4 billion in bank rescue money. And he signed a $410 billion bill to fund discretionary spending for the second half of the current fiscal year, an increase of 8% on an annual basis. By supporting each spending initiative, he robbed himself of the ability to credibly blame others for the size of the deficit.
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In case you did not read the papers lately "THE RECESSION IS OVER"
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