Taxes and Debt: Two large pieces in Obama’s FY2015 Budget

The Heritage Foundation has done a lot of work looking into the recently published budget of President Obama for fiscal year 2015.  Here are some of their findings along with some charts to show the changes this budget would enact.

Obama’s budget would have the following effects in numbers:

  • Spending would go from $3.5 trillion in 2013 to nearly $6 trillion in 2024.
  • Debt borrowed in credit markets (public debt) would grow from $12 trillion in 2013 to $19 trillion in 2024.
  • The national debt, including debt owed to government agencies would grow from $17.3 trillion today to $25 trillion in 2024

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  • Per a cursory reading, the President’s budget includes about $1 trillion in new spending and about $1.2 trillion in tax increases.
  • Obama claims nearly $2.2 trillion in deficit reduction over the 10 year budget window, but this figure includes massive tax increases and such well-known budget gimmicks as $700 billion in cancelled war-related spending (OCO).

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